PZ Cussons FY23 Profit Down, Maintains Dividend; Sees FY24 Adj. Operating Profit Within Market Range

PZ Cussons plc (PZC.L), a consumer goods business, reported Tuesday that its fiscal 2023 profit before tax dropped 4.2 percent to 61.8 million pounds from last year’s 64.5 million pounds.

Basic earnings per share were 8.70 pence, down 26.8 percent from 11.88 pence a year ago.

Adjusted profit before tax was 74.1 million pounds, compared to prior year’s 65.8 million pounds. Adjusted earnings per share were 11.23 pence, compared to 12.57 pence last year.

Revenue grew 10.7 percent to 656.3 million pounds from last year’s 592.8 million pounds. Like-for-like or LFL revenue growth was 6.1 percent.

Further, the Board have recommended a final dividend of 3.73p, same as last year, reflecting the devaluation of the Naira following the year end, which is expected to have a material adverse impact on the near-term reported financial performance.

Looking ahead, the company said, “We expect to deliver a fourth consecutive year of Group LFL revenue growth, with strong constant currency operating profit growth, benefiting from the changes already made to strengthen the business as well as a slightly more benign input cost environment. We therefore expect to deliver adjusted operating profit within the range of current market expectations.”

The consensus adjusted operating profit range is 61.5 million pounds to 68.2 million pounds based on Bloomberg as of September 21.

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