PZ Cussons reports first-half progress, but FX limits growth

11th Dec 2013 07:43

- Revenues up four per cent, operating profits up six per cent- Currency weakness in Asia limits growthConsumer products group PZ Cussons has said that first-half trading was in line with expectations despite 'challenging' market conditions.The company said that a decent performance in its two larger regions of Africa and Europe managed to offset the impact of weakening currencies in Asia.The company, famous for its Imperial Leather and St Tropez branded cosmetics, said that revenues were up 4% in the six months to November 30th from last year's £414.8m, while operating profit was up 6% from £45.3m.However, revenues and profits would have been 6% and 8% higher on a constant currency basis, respectively."The trading environment in most markets remains challenging, and in particular in Asia as a result of ongoing currency weakness," PZ Cussons said on Wednesday. "Despite this, brand renovation and innovation continues to drive organic revenue and profit growth across the group."The firm said that its financial position remains strong with cash generation during the first half in line with expectations.The stock was down 0.28% at 379.04p in early trading.BC