PZ Cussons Affirms Annual Profit Guidance As Finance Chief Departs

(Alliance News) - Consumer products firm PZ Cussons PLC on Thursday announced the immediate ...

Alliance News 13 June, 2019 | 8:42AM
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(Alliance News) - Consumer products firm PZ Cussons PLC on Thursday announced the immediate departure of Chief Financial Officer Brandon Leigh, while also reiterating annual guidance.

PZ Cussons, which makes Imperial Leather soap, did not say why Leigh has decided to leave after 13 years on the board as CFO. Commercial Finance Director Alan Bergin will take on the CFO role on an interim basis until a new permanent successor is found.

Chair Caroline Silver said: "The board wishes to express its thanks to Brandon for the significant contribution which he has made to PZ Cussons over 22 years with the business.

"He was appointed to the board in 2006 and has played a leading role in the company's development since that time. We wish him all the very best for the future."

PZ Cussons also reiterated profit expectations for its year ending May 31, with adjusted pretax profit still set to be "close" to GBP70 million, as guided in April and in January.

This would be a 13% decline from the GBP80.1 million recorded in its previous financial year.

"The expected outturn for the year reflects a resilient performance in Europe and Asia driven by product innovation and renovation as well as distribution expansion, and with the group's beauty division performing particularly well," said PZ Cussons.

"Performance in Africa has continued to be disappointing as a result of the macro economic situation in Nigeria and the challenging conditions at the port."

Shares were 3.8% lower in early trade on Thursday at a price of 194.36 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
PZ Cussons PLC 206.51 GBX 0.25 -
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