PZ Cussons cautiously optimistic for FY

13th Sep 2010 07:23

Soap maker PZ Cussons said it remains cautiously optimistic for the full year despite uncertainty about the global economic outlook and difficult trading conditions in some markets.The maker of Imperial Leather said the group's overall performance for the first quarter to 12 September 2010 was is in line with company expectations, helped by new product launches such as its refreshed Charles Worthington haircare range."The financial position of the group remains strong with cash generation during the period also in line with expectations," PZ Cussons said today's company update.However the group cautioned that the UK trading environment remains competitive with continued high levels of promotional activity particularly on shower gel and handwash products. New product launches such as The Sanctuary's skincare range and Imperial Leather 'Skin Kind' have been successful.Performance in Poland has been robust whilst the economic environment in Greece remains difficult.Performance to date across all Asian businesses has been good, and in particular in the two largest units Australia and Indonesia, the soap maker added. In Nigeria, the company noted uncertainty ahead of the presidential elections but added, despite this the outlook for the year remains good with positive GDP rates forecast.