PZ Cussons Nigeria has appointed Richard Walker as a new Director on its Board, effective February 13, 2025. The announcement was made in a statement issued by the company’s secretary, ALSEC Nominees Limited, with the caveat that the appointment is subject to ratification at the next Annual General Meeting.
Walker, who joined PZ Cussons in January 2022 as the Group Director of Tax and Treasury, brings over two decades of experience in treasury, tax, capital markets, and corporate finance from senior finance roles across various industries globally. The company expressed confidence that his expertise will significantly contribute to the company’s ongoing strategic direction.
Despite a challenging year for the company, which saw a significant decline in profits due to the depreciation of the Nigerian naira, there is cautious optimism for the future. The naira’s recent stabilization has sparked hope that PZ Cussons’ financial performance will improve moving forward.
In the six months leading up to November 30, PZ Cussons reported a 10% drop in revenue, amounting to £249 million, largely due to a 55% depreciation of the Nigerian naira. This resulted in a 24% decrease in pre-tax profits, which stood at £19.8 million. Earnings per share also saw a decline.
The company did not provide any updates regarding its plans to sell its African business, which has been negatively affected by Nigeria’s currency issues. African operations now contribute only 25% of the group’s revenue, down from 40% two years ago.
On a positive note, PZ Cussons reported an increase of 7.1% in like-for-like sales, driven by pricing improvements in Africa and growth in the UK and Indonesia. The company’s CEO, Jonathan Myers, noted that the company is in a transformation phase, and the recent relative stability in the Nigerian market gives hope for a more positive future. Following the announcement, PZ Cussons’ share price saw an 11% rise.
The UK market achieved its strongest profit performance in three years, attributed to new product launches, competitive brand activations, and strong retail distribution, particularly during the Christmas period. Meanwhile, Indonesia reported a third consecutive quarter of growth, and the company gained market share in Australia and New Zealand despite a soft market.
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