The price of shares in FTSE 250 consumer products group PZ Cussons (LON:PZC) has fallen by 2.09% to 210.50p (as of 15:45 BST) after reporting a 32.8% decline in pre-tax profits for the twelve months ended 31st May. Revenues were down by 2.6% due to the Nigerian market as well as the impact of COVID on trading. Management said that they had seen renewed momentum during the first quarter of the current year, but the aftermath of COVID would have a substantial impact on certain product categories.
Chair Caroline Silver commented: “There is no doubt that this was one of the most challenging periods that the company has faced across its long history. Having reviewed our strategy last year, we expected there to be a period of transition and change as we moved to reset our business model and create the conditions to improve performance. Onto this however was added the immense challenges of responding to the global COVID-19 pandemic, which fully encompassed the final quarter of our financial year. We could not be more proud of the way that all our people responded, and on behalf of the Board I thank them for their incredible hard work, commitment and efforts“.