Nigerian difficulties put pressure on PZ Cussons
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FTSE 250 health and beauty products firm PZ Cussons (LON:PZC) has warned that market conditions in Nigeria will put pressure on results since consumer disposable incomes in the country remain restricted ahead of February’s general election, the naira has lost ground against the dollar, and transport costs have increased. Management said that the Nigerian product portfolio would be actively managed to mitigate short term volatility.
Performance in Asia and Europe has been more promising as a result of new products and expanded distribution. Management said that overall results for the year will be dependent on how Nigerian markets develop during the second half of the year.
PZ Cussons’ share price dropped by 6.14% to 210.80p (as of 12:15 GMT).
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