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Birmingham Post
Birmingham Post
Jon Robinson

Price rises at Carex, Imperial Leather and Original Source owner PZ Cussons help profits jump

Price rises at the owner of Carex, Imperial Leather and Original Source helped its profits during the first half of its financial year.

Manchester-based PZ Cussons has reported a statutory pre-tax profit of £40.5m for the six months to December 3, 2022, up from the £23.5m it posted for the same period in 2021.

The group's revenue also jumped from £283.7m to £336.9m over the same time.

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Chief executive Jonathan Myers said: "Despite the continued challenging macro environment, we have delivered another quarter of like for like revenue growth.

"Our first half performance has been in line with expectations and we are reiterating our full year outlook.

"This is thanks to work we have done to make PZ Cussons a more resilient business and our focus on building stronger brands.

"For example, in the UK, our new brand Cussons Creations is serving cost-conscious shoppers and the re-launched Sanctuary Spa is for consumers looking to treat themselves at home with an everyday indulgence.

"Overall, while there remains more to do in our transformation and near-term headwinds to navigate in some of our markets, we are confident about the opportunities ahead of us.

"We are working to build a higher growth, higher margin, simpler and more sustainable business."

On its outlook, the company added: "As previously guided, we expect a stronger operating margin performance in the second half of the year driven by improved trends in our Europe and Americas business, more benign cost inflation and the full impact of price increases implemented part way through the first half.

"We remain mindful of significant macro-economic uncertainty, including the continued depreciation of the Nigerian naira, but expect to report FY23 adjusted profit before tax in line with current market estimates.

"We now expect an effective tax rate ('ETR') on adjusted profit before tax for FY23 of 26-27% (22-24% previously) primarily as a result of the geographic mix of profits. We expect a net interest charge for FY23 of approximately £2m (versus previous expectations of £4m).

"Our long-term ambition of LFL revenue growth of mid-single digits and adjusted operating profit margins in the mid-teens is unchanged."


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