PZ Cussons, a London-based consumer goods company known for housing the iconic Imperial Leather soap and Morning Fresh washing-up detergent brands, expects to take a one-off hit to its near-term financial performance due to the devaluation of the Nigerian naira. However, the company is confident that it will report a rise in fiscal 2023 revenue and adjusted pre-tax profit.
Future Prospects
According to PZ Cussons, the medium-to-long-term prospects for its Nigerian business will improve due to economic reforms currently being implemented by the new government. Despite any macroeconomic volatility that may arise in Nigeria, the company believes that it is well-positioned to withstand it.
Fiscal 2022 Performance
For the year-ended May 31, PZ Cussons anticipates revenue to be approximately £655 million ($832.8 million). Moreover, the company expects like-for-like revenue growth in each geographical region in the fourth quarter. This revenue projection exceeds the £592.8 million reported in fiscal 2022.
Adjusted pre-tax profit will also improve, increasing to at least £70 million from last year’s GBP66.6 million.
“We remain committed to delivering the benefits of executing our strategy in the year ahead,” said Chief Executive Jonathan Myers.
