PZ Cussons on track to meet annual expectations

11th Jun 2015 08:10

PZ Cussons, the maker of bath products Imperial Leather and Original Source, said its full-year performance was in line with expectations.The FTSE 250 group said its brands delivered a strong performance in the UK market, driven by a renovation and innovation programme, while trading was in line with expectations in Poland and Greece.PZ Cussons' Australian business was boosted by the acquisition of organic food company five:am in August, while the company's Indonesian segment reported strong revenue growth and the Middle East and Thailand divisions performed in line with expectations.The company received encouraging news from Africa, with business stabilising in Nigeria, a region where the group had been struggling due to the devaluation of the local currency, while the Ghana and Kenya segments performed in line with expectations."Whilst trading conditions in most markets remain challenging, the group remains focused on delivering its dynamic brand renovation and innovation programme in conjunction with an ongoing cost reduction programme," the company said.Analysts at Numis described the trading update as one bearing "no fresh issues", although they warned further devaluation of the Nigerian naira remained a risk.PZ Cussons shares were down 0.06% to 362.00p at 09:04 on Thursday.