PZ Cussons — Adjusted operating profit ahead of expectations
06/08/2026
Investors will be encouraged by the broad spread of momentum within the PZ Cussons business. The company reported like-for-like revenue growth of 5.8% in FY26, including volume growth of 1.5%, with growth across each of the four main markets and the top 10 brands. The improvement to the balance sheet has been confirmed, with net debt at £25m, greatly reducing the risk from any wayward future movement in the naira. The new financial year has started in line with management expectations, with good underlying momentum in the business. The board expects to deliver adjusted operating profit in line with current market expectations for FY27.
PZ Cussons – executive interview
13/07/2026
In this interview, PZ Cussons CEO Jonathan Myers reflects on how the business has evolved since he joined six years ago, highlighting the shift towards a clearer strategic focus on locally loved brands across personal care, home care and baby care in the group’s four lead markets, which account for 85% of sales. Jonathan discusses progress in strengthening the balance sheet, with net debt in Nigeria reduced from more than £110m to around £30m and Nigerian cash holdings capped to manage devaluation risk, while reiterating the group’s target leverage range of 1.0–1.5x. He also addresses the outcome of last year’s strategic review of the Africa and St Tropez businesses, explaining the rationale for retaining both and outlining the operational changes, including a new North America distribution partner, which have already returned St Tropez to double-digit growth in that region. Finally, he sets out what he believes underpins a successful FMCG brand and discusses the scope to replicate high market share positions, such as Morning Fresh in Australia, through expansion into adjacent categories, including dishwasher capsules.
PZ Cussons — Profit guidance raised for FY26
17/06/2026
PZ Cussons expects to report like-for-like revenue growth of c 6% for the year to May 2026. The rate of sales growth has been easing through the quarters as the rate of inflation in Nigeria has moderated. We believe that after 6.3% growth in Q3, Q4 was closer to 3%. Importantly, growth was seen in all four of the lead markets: the UK, Australia and New Zealand, Nigeria and Indonesia. We note that management has had greater control over the group’s activities than historically has been the case.