Imperial Leather soap firm PZ Cussons PLC (LON:PZC) has said its full-year outlook remains in line with expectations, with Its balance sheet remaining strong and cash generation also in line with expectations.
In a trading update for the period from 25 January to 12 April, the FTSE 250-listed firm said its overall performance has been in line with expectations.
The consumer products firm – which also owns the Carex, Sanctuary, and St Tropez brands – added that further margin improvement initiatives were underway to mitigate ongoing raw material and exchange rate volatility.
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It said: "The strength and agility of the Group's brand portfolio and new product pipeline is underpinning solid performance in all regions.
"In particular, the brand portfolio in Nigeria is trading well during the current peak season."
In early trading, shares in PZ Cussons drifted 0.3%, or 1.0p lower to 328.5p.
In a note to clients, Shore capital analyst Darren Shirley reiterated a ‘hold’ rating on the stocks and said: “With trading in line, and management continuing to work to mitigate ongoing raw material and exchange rate volatility, we expect to leave our forecast unchanged post today’s update.”
Back at the end of January, PZ Cussons posted a drop in first-half profits, hit by tough trading conditions in Australia, although its struggling Africa business saw some improvement.
READ: PZ Cussons’ shares slide as first-half profits drop …
The personal care and home products maker said its pretax profits dropped over 37% to £24.9mln for the six months to November 30, down from £40.0mln at the same stage a year earlier.
The figures included an £15.3mln exceptional charge relating to foreign exchange losses in Nigeria following the devaluation of the country’s currency, the naira.
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