PZ Cussons says FY was 'in line'

9th Jun 2011 07:47

PZ Cussons, the consumer products group, said that it has been able to offset subdued consumer demand and rising costs to trade in line with expectations during the year ended 31 May.The firm, famous for its Imperial Leather-branded soap, said trading conditions in Nigeria improved in May after the country saw the re-election of the incumbent president, and remains optimistic about the political and economic outlook in the current year.Africa accounted for nearly half of revenues in the year ended 31 May 2010.Europe, which accounts for under a third of group revenues, was affected by a weak consumer market, with the UK experiencing challenging retail trading conditions. The firm said that it was still able to maintain or increase market share in its core categories.Trading in Poland and Greece was difficult due to an ongoing challenging consumer environment.Asia has continued to perform well, with Indonesia continuing to deliver profitable growth."Overall, whilst weak consumer demand in developed markets and high raw material costs remain challenging, the outlook for our more premium brands in the UK and for growth in emerging markets remains positive," the firm said.---BC