Look at those results today.Superbly run business, funding good growth from own cash generation. Regular increases in dividend. Have held for many years within PEP - not one to double overnight, but IMO one for serious investors to lock away for the long term. 10 for 1 share split may help marketability going forward.Always DYOR etc.

Hope some of you are in this. Quality imo outperforms the vast majority of penny share punts over the medium term and PZC is a good example.

Testing all time highs prior to results due next week.

Excellent results, including unexpected bonus from tripled handwash sales courtesy of swine flu concerns. Not cheap, but real quality.

P Z Cussons seems to be on a breakout and a new upleg.

[url=http://www.sharecrazy.com/share2607share/share.php?epic=pzc]pzc[/url]



Ten year high aswell.......

excelent chart. very positive and bullish.


Positive Candidate -Medium term, Sep 21, 2010 Analysis Explanation

PZ CUSSONS shows a strong development within a rising trend channel. A further positive development is indicated, and there is support against the floor of the trend channel. The stock has broken a resistance level in the short term and given a positive signal for the short-term trading range. The stock has support at pence 326. RSI is overbought. The stock can still rise further, and we should see a decreasing RSI before this is used as a negative signal. The stock is overall assessed as technically positive for the medium long term.



Period Vol.bal. Volatility Liquidity +/- %
1 day - 1.54% 278.67 +10.11%
5 days 36.39 4.97% 145.79 +11.53%
22 days 28.15 12.73% 81.76 +13.08%
66 days -10.94 26.97% 89.60 +16.52%

PZ Cussons PLC

FORECASTS 2011 2012

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
21-09-10 HOLD 114.00 16.60 6.60 127.00 18.50 7.35

Shore Capital
10-09-10 BUY 112.60 16.10 6.90 123.10 17.50 7.60

The Royal Bank of Scotland NV
08-07-10 HOLD 113.33 15.82 6.77

Milkstone Ltd [R]
15-04-10 BUY 106.00 15.40 6.50

Interesting post from the TMF........

A Stock Market Spending Spree
By

Alan OscroftPublished in Company Comment on 27 September 2010

Unilever and PZ Cuzzons hit the acquisition trail.

People still seem to be fretting about the state of the economy and whether there will be a double-dip recession, with the general outlook from the spending public still being gloomy. And many investors are still afraid to get back into shares, after one of the worst decades the stock market has ever seen.

But the double dip is looking ever less likely, and we are seeing increasing signs of improving business confidence. Things must surely be on the up when we hear news of prudent companies reaching out to make acquisitions, and we two such news items on Monday.

Hair care
The consumer brand giant Unilever (LSE: ULVR) has announced that it is engaged in a $3.7bn takeover of the US based Alberto Culver, to be paid all in cash. And that's a hefty wad of the folding stuff, even for a company as big as Unilever, with its 56bn market capitalization.

But who is Alberto Culver, and what joy will it bring to Unilever shareholders? Well, we can be forgiven if the name of the company isn't exactly on the tips of our tongues, just as Unilever itself is pretty much unknown to most people who buy Unilever brands -- which include such well-known names as Lipton, Knorr, Persil, Dove, Sunsilk, Pond's, Cif, Surf, and Omo.

What Alberto Culver will add to that is its portfolio of successful hair care and skin care brands -- TRESemm Nexxus, V05, St Ives, and Simple. So it's going to become even harder to do the weekly shopping and not buy any Unilever products.

Personal care
With Unilever's sales of personal care products increasing as a proportion of its overall sales mix, this does sound like a profitable acquisition. Unilever's CEO Paul Polman told us "Ten years ago it represented 20% of our turnover; strong organic growth has driven it to now reach over 30%, with strong positions in many of the emerging markets".

That's impressive growth, but perhaps not unsurprising. After all, the quantity of Unilever's food brands that people can actually consume is pretty much anatomically restricted, but the amount people can spend on pampering the external surfaces of their bodies appears to have no such limit.

Bronze bodies
In a not-unrelated business, we also heard news of an acquisition by PZ Cuzzons (LSE: PZC). In a more modestly sized deal, Cuzzons is to buy up St Tropez Holdings Limited from its current owner, the private equity group LDC, for 65.2m, again in cash.

St Tropez is a company that this ageing and exceedingly unfashionable writer hadn't heard of before today, but apparently it makes a range of sunless tanning products, including lotions, mousses and sprays -- the kind of things that lend such a healthy-looking orange colour to so many TV personalities these days.

But though I may scoff at the products themselves, fake tanning does seem to be a business that's on the up, with St Tropez currently selling its products through a number of outlets, including Boots, Superdrug, Debenhams (LSE: DEB), J Sainsbury (LSE: SBRY), House of Fraser and John Lewis. And who knows, the spending squeeze brought about by the depression might have helped, with bottles of tan-coloured paint costing a lot less than the price of an air ticket to go and get the real thing -- and without the skin cancer risk as an added bonus.

Confidence returning
On the face of it, in Unilever and PZ Cuzzons, we are looking at two very different companies. One is a 56bn giant with fingers in many pies, covering a wide range of retail products in a number of sub-sectors. And the other is a much smaller, 1.5bn, company, specialising in personal-care products.

But what they have in common is a long history of steadily growing profits, brought about by prudent management -- they are not reckless spenders, expanding rapidly in boom times and ruing their excesses during darker economic times.

And when prudent companies such as these start flashing the acquisition cash, it really does strike me as a good indicator of returning confidence.

More from Alan Oscroft:

yes looks agood buy considering lloyds paid 70 million for it

62.5m takeover of St Tropez Holdings, the UKs leading maker of sunless tanning products.

Mr Jones at Panmure said the purchase price was attractive and would be immediately earnings accretive offering good growth potential with high margins, and helping to give an even balance of the business across developed and developing markets.

Panmure raised its price target to 400p from 350p, helping lift the shares of the FTSE 250-listed company 1.1 per cent to 369.7p
-----------------------------------------------------------
another story - not bad for a back seat sart up!
Lloyds Development Capital (LDC) - part of part-nationalised Lloyds Banking Group - is said to have hired advisers to tout St Tropez for sale four years after snapping it up for around 70 million.

St Tropez's popularity has soared since its launch in the UK more than 10 years ago thanks to celebrity endorsement from the likes of Victoria Beckham and supermodel Elle Macpherson.

It is believed to have seen profits leap to 4.7 million in 2009 from 2.6 million in 2007 under the guidance of chief executive Michelle Feeney.

The Sunday Times reports that LDC has taken on board investment bank Rothschild to oversee a potential sale as it looks to realise its investment.

Its takeover of St Tropez in March 2006 netted UK founder Judy Naake a multi-million pound windfall.

St Tropez first started in California, but Ms Naake set up the Nottingham-headquartered UK business in 1997 with a 12,000 unsecured loan, selling the self-tan creams from the back of her car.

She started in the sales team for John Player's cigarettes, and later became an agent for French beauty companies Decleor and Darphin before bringing the self-tanning cream from the US to Britain.

The UK range has now developed to offer a host of skincare products sold in stores and online.

LDC was not immediately available for comment.
good story links


http://www.independent.co.uk/news/business/analysis-and-features/michelle-feeney-the-pale-queen-of-st-tropez-2083187.html



http://www.st-tropez.com/

Results today fair, but imo difficult in current trading conditions to justify present rating.Held for a number of years, but now banked profits. Quality business - will look to go back in should they suffer significant fall.

Gone long PZC

One to keep an eye on especially in down markets like we have at present and considered a defensive stock... PZ CUSSONS PZC

have joined you on this one gf. yep again. but only because ive checked out the chart
and most importantly think the risk/reward is acceptable to me. although may not be to all.so please all dyor.
also have high regard for p comments,so hope this fall from high might be considered considerable and worthy of buying back in.
not sure about effect of eu policy regarding scientific proof of need to prove re advertising and marketing of products etc. or if this just relates to other health products. so a ? on this. anyway i'm not a fundy just a charty and as already stated risk/reward is acceptable to me
good luck to all
regards
jkd

JKD I am waiting for June trading statement -year end is 31st May. Held PZC for around 30 years prior to sale in January (wish my timing was always as good!) and it paid for itself many times over. A number of positives and negatives have caused me to keep powder dry so far regarding going back in. Raw materials costs must have risen significantly and not easy to implement price increases in present climate - as Unilever are finding out in China- but PZC do have some pricing power. Nigerian election has seen incumbent retain his position, which should be good news for PZC, but there was some disruption during the process and imo 2011-12 should be much better. Number of exceptional items will also cloud the picture for the current year. I am very much a fundy investor - cannot logically see how charts can predict the future, but each to their own. Good luck - but I hope to join you next month at around 3!

p
thanks for your post. at 3sh i shall probably be out of a proportion of my holding but hopefully still holding the remainder.its just my short/medium term strategy, looking for the remaining balance to eventually turn into a longer term holding.
i appreciate that you are,as you say,very much a fundy investor,so its nice that with each of us having differing applications and analysis that we can be civilised and understanding to each others views.always a pleasure to read your posts.
good luck to you and all existing holders
regards
jkd

A nice rise from good support level.
Goes ex-divi 17th Aug '11

StockMarketWire.com
PZ Cussons Plc confirms that the performance of the Group for the year ended 31 May 2011 has been in line with management expectations.

The Group's balance sheet remains healthy with a continued net funds position following good cash generation during the period.

In Nigeria, trading conditions improved during May following completion of the election process which saw the re-election of the incumbent president. The political and economic outlook for the country looks encouraging as PZ Cussons enters the new financial year.

Asia as a whole has continued to perform well with the positive momentum in Indonesia continuing to deliver profitable growth.

In the UK, whilst the promotional environment and weak consumer demand is resulting in challenging retail trading conditions, the company's focus on brand renovation and innovation has resulted in it maintaining or increasing market shares in our core categories. The more premium brands managed by the newly formed PZ Cussons Beauty Division have continued to perform particularly well.

Trading in Poland and Greece remains difficult due to the ongoing challenging consumer environment.

Across the Group, raw material costs remain at high levels with mitigation plans underway through higher selling prices where possible as well as internal margin improvement projects.

Overall, whilst weak consumer demand in developed markets and high raw material costs remain challenging, the outlook for its more premium brands in the UK and for growth in emerging markets remains positive.

Disappointing trading update today means I have been able to go back into PZC at 3 - may be further to fall short term, but a quality business and having held previously for over 30 years might have to do the same again (or at least my kids will!). Always dyor.

It will be interesting to see what the January interims tell us.

Summary from Panmure gordon:
"A combination of events mean that H1 results will be worse than expected, but it worth stressing that in the core markets (UK, Nigeria, Indonesia) growth has been strong, and while costs are likely to remain high, there wont be significant increases H2 on H2. As such we forecast a return to profit growth in H2, and expect profits to be ahead for the year as a whole. Given the stock issues in Nigeria, we have reduced our year-end net cash forecast from 80m to 45m. We are cutting our price target from 380p to 355p, which equates to 20.0x P/E and 10.9x EV/EBITDA for calendar 2012E.
We maintain our Hold recommendation for now, but we believe the worst of the newsflow should now be out of the way."

p
i would like to see a 30 year chart of this stock. seems no one is able to supply, either on this or any other, unless you know where. anyway i traded and invested as previously suggested.didnt beleive it could ever get back to your 300 buyback in mentioned by you previously but you are spot on, it did and has , and some more.
fortunately for me i was already out of them,at a small profit overall, fortunately for you i sincererly hope you are now back in them at a good price and at a future profit.
the chart suggests to me a future low target of 230/240.I hope i am wrong as i know you dont consider charts meaningful,although it was the chart that helped me exit as markets changed and such changes were indicated by the change in share price as shown on the price chart, often shown by what we might view as the ECG of the individual stock. although not always before the reason is generally known and publicised.such results and readings can be acted upon in advance if one knows how to read an ECG. and few of us do.
after all it is just a chart reading and the doctors and consultants are so efficient.
regards and good luck
jkd

jkd - went back in at £3 in December, when relatvely poor performance flagged up, confirmed by recent figs. Happy to hold for longer term - imo this is a very well run business, presently suffering from the upheavals in Nigeria (where PZ has traded for over 100 years) and exceptional rises in some costs. Family interests still effectively control the business and my fall back situation is that if things stay too difficult they might sell out to a major global player.

Final Results

Highlights

Group

§ Revenue growth of 4.7% despite challenging trading conditions during the year, particularly in Nigeria and Australia

§ Profits impacted, as previously advised, by high raw material costs; a worsening trading environment in the Australian homecare category; and the social and economic tensions in Nigeria

§ Major launch in the UK, post period end, of Cussons Mum & Me, a new brand of personal care products specifically designed for mothers and babies

§ Extension of the Beauty division portfolio with the acquisition of the Fudge hair-care brand in January 2012

§ Supply chain optimisation project underway to significantly reduce the overhead footprint of the Group's manufacturing activities

§ Healthy balance sheet with only a small net debt position at the end of the year

§ Total dividend increased 1.6% year on year reflecting the strong balance sheet and the Board's confidence in the future

Africa

§ Overall increase in revenue of 6.8% reflecting a strong first half but a second half affected by the social unrest in the north of Nigeria and the impact from the fuel duty subsidy reduction

§ Profits lower as a result of the above as well as higher raw material costs

§ Construction of the palm oil refinery with Wilmar on track for completion by the end of the calendar year

Asia

§ Continued positive momentum in Indonesia, with revenue and profit from the market leading Cussons Baby range ahead of the prior year

§ Overall Asian revenue and profits lower due to the challenging trading conditions in the Australian homecare category

Europe

§ Robust performance in the UK Washing and Bathing division driven by brand innovation and renovation despite competitive trading conditions

Speculative punt on the spreads Long @ 303.7 in the fervant hope it bounces of 300.0 (again) in the run up to Interim/AGM on 19th of this month. Target 330.0

Well so far so good as regards bouncing of 300.0 support. Will it climb?

zzzzzz zzzzzz zzzzzz, wake me up when it's all over!

Interim Management Statement

Thanks skinny.

This is one weird stock, stop to 310.0 to lock in 6.3 on the spreads. Volume abysmal 49K. Full year divi payment 01st Oct.

Stop to 315.0 to lock in 11.3 back to bed on nights.

Half Yearly Report

HIGHLIGHTS

Group

· Operating profit growth of 13% driven in particular by improved performance in Australia and a robust performance in UK
· Revenue flat comprising growth in Europe and Asia, offset by decline in Africa as a result of tough trading conditions, particularly in Nigeria
· Strong balance sheet with only small net debt position at period end
· Interim dividend raised 5.4% to 2.35p per share reflecting confidence in the future

Africa

· Revenue and profits slightly lower in Nigeria as a result of impact of social unrest in the north, flooding in a number of states and impact from fuel duty subsidy reduction earlier in the year
· Construction of the palm oil refinery in Nigeria now complete with commissioning underway

Asia

· Continued positive momentum in Indonesia with revenue from the market leading Cussons Baby range ahead of the prior period
· A return to profitability in Australia with business improvement measures now successfully implemented

Europe

· Robust performance in UK Washing and Bathing division across Imperial Leather, Carex and Original Source
· Significant investment in launch of Cussons Mum & Me with encouraging early rates of sale
· Beauty division revenue and profitability ahead of the prior period with continued growth of Sanctuary and newly acquired Fudge hair-care brand performing well
· Strong performance in Poland, whilst conditions in Greece resulted in lower profitability

Interim management Statement

Overview of financial performance and position

The board is pleased to announce that the performance of the Group during the period has been in line with management expectations. The financial position of the Group remains strong with cash generation during the period also in line with expectations.

Trading Update

Europe

In the UK washing and bathing division, the core brands of Imperial Leather, Carex and Original Source have performed well despite intense promotional activity in the trade and a challenging consumer environment. Sales of Cussons Mum & Me, the new range of products for mother and baby, have been very encouraging with sales rates building on a monthly basis.

The beauty division has performed well in the period with growth in international markets compensating for a tougher trading environment in the UK. Sales of St Tropez in the US have continued to grow and, during the period, the brand has been launched into further export markets including Poland and Germany.

The Group's performance in Poland has been strong in both homecare and personal care. As announced in February, contracts have been exchanged for the sale of the homecare brands for £46.6 million in cash with merger control clearance anticipated within the next five months.

Trading in the Group's smaller Greek business remains difficult as a result of the wider economic backdrop.

Asia

Whilst trading conditions in Australia remain challenging, the business has now moved firmly back into profitability with both the homecare and personal care portfolios performing well.

Continued positive momentum in Indonesia has delivered another period of revenue growth although a weaker rupiah and high wage inflation have limited the growth in profitability. Wider distribution of the Indonesian brand portfolio into the Philippines and Myanmar has gained momentum during the period, with a launch of the Cussons Baby brand planned for Vietnam in the coming months.

Overall trading in the smaller territories of Thailand and the Middle East has been in line with expectations.

Africa

In Nigeria, whilst unrest in the North of the country has continued to affect sales, the trading environment in the rest of the country has been more robust with no further fuel duty related impact taking place during the period.

Construction of the palm oil refinery with Wilmar in Nigeria has now been completed on time and to budget and production commenced in the period. Sales of bulk oil have already begun and the new consumer food ingredients brand will be launched in June.

Performance in the smaller territories of Ghana and Kenya has been in line with expectations.

Full year outlook

We continue to face challenging trading conditions in most of the markets we operate in with consumer disposable income remaining under pressure.

In the Group's largest market Nigeria, social unrest in the north continues, and whilst the environment in the rest of the country is calmer, the potential for removal of the remainder of the fuel subsidy remains.

Against this backdrop, the Group continues its focus on brand innovation and renovation in all markets as well as cost optimisation in all areas of the business. Results are expected to be in line with management expectations delivering a return to profitable growth for the year.

A further trading update will be made on 13th June 2013 after the close of the financial year.

ENDS

Trading Update

Trading Update

Europe

In the UK washing and bathing division, an ongoing programme of new product development has ensured that the core brands of Imperial Leather, Carex and Original Source have continued to perform well despite intense promotional activity in the trade and a challenging consumer environment. Cussons Mum & Me, the new range of products for mother and baby, has seen sales rates continuing to build as new customers are attracted to the brand.

In the beauty division, growth has been achieved in existing markets through new product launches and expansion into new distribution channels, as well as entry into new overseas markets such as Poland, Germany and Canada. Last month the division announced the appointment of Kate Moss as the new face and body of St Tropez. Sales rates have already responded positively following an extensive PR campaign both in the UK and overseas and the roll out of new in-store imagery. Last month also saw the launch of a new range of products under the Sanctuary Active Reverse range with Darcey Bussell continuing as brand ambassador.

The Group's performance in Poland remains strong in both homecare and personal care. As announced in February, contracts have been exchanged for the sale of the homecare brands for £46.6 million in cash with merger control clearance anticipated within the next three months.

Despite the difficult external environment our small Greek business remains profitable, although at lower levels than the previous year.

Asia

The Australian business has now moved firmly back into profitability following the successful restructuring of the business last year. Both the homecare and personal care portfolios are performing well despite the tough trading environment.

The Indonesia business has delivered another year of double digit revenue growth although a weaker rupiah and high wage inflation have limited the growth in profitability. Revenue growth has been achieved in both the babycare and non babycare portfolios as well as through wider distribution into new markets such as the Philippines, Myanmar and Vietnam.

Overall trading in the smaller territories of Thailand and the Middle East has been in line with expectations.

Africa

In Nigeria, unrest in the North of the country has continued with both domestic sales and exports being affected during the peak trading season. Nevertheless, the trading environment in the rest of the country has been more robust with no further fuel duty related impact taking place, resulting in an overall increase in sales in the second half of the year.

The new palm oil refinery, which has recently been commissioned as part of the joint venture with Wilmar, continues to increase production levels on a monthly basis and is operating well. The oil is currently being sold in bulk format to commercial customers. Product sales of consumer packaged oil in tamper proof bottles and sachets will commence in July under a new consumer brand.

Performance in the smaller territories of Ghana and Kenya has been in line with expectations.

Outlook

Across the Group, the focus remains on driving revenue growth through brand innovation and renovation, so that our brands continue to stand out successfully in the tough trading environments that exist in most of the markets that we operate in.

At the same time, margin improvement initiatives will continue in all areas of the business. The benefit of these will enable further investment to be made in new product development and brand support whilst continuing to deliver a sustainable growth in profitability.

Preliminary results

Preliminary results for the year ended 31 May 2013 will be announced on Tuesday 23 July 2013.

An analyst presentation will be given at 9:30am on that day at the offices of Panmure Gordon, One New Change, London, EC4M 9AF.

- ENDS -

Final Results

Highlights

Group
· A return to profitable growth with a 16% increase in operating profits to £108.4m
· Revenue and profit growth in all regions of Africa, Asia and Europe
· Post year end announcement of the acquisition of Australian baby food brand Rafferty's Garden for £42.2m in cash
· Commissioning of the palm oil refinery in Nigeria as part of the joint venture with Wilmar with a new consumer brand being launched
· Exchange of contracts for the sale of the Polish Home Care brands for £46.6m with completion expected shortly
· Supply chain optimisation project announced last year on budget and almost complete
· Group structure and systems project under way to optimise the Group's organisation design and IT systems for the future
· A return to a net funds position following strong cash flow from operations
· Total dividend increased 10% year on year marking the 40th anniversary of consecutive year on year increases

Africa
· Increase in revenue in second half despite ongoing unrest in northern Nigeria
· Improvement in operating profits as a result of margin improvement projects and lower raw material costs
· Launch planned post period end of a new consumer brand, as part of the joint venture with Wilmar

Asia
· Another year of double digit revenue growth in Indonesia with growth in both the babycare and non-babycare portfolios
· Wider distribution achieved in Philippines, Myanmar and Vietnam
· A return to profitability in Australia following the successful restructuring of the business

Europe
· Increase in profitability in the UK Washing and Bathing division driven by new product launches and despite tough trading conditions
· Strong performance in the Beauty division with expansion into new markets of Poland, Germany and Canada
· Polish business performing well in both Personal Care and Home Care

Interim management Statement

PZ Cussons Plc, a leading international consumer products group, today issues the following interim management statement which covers the period 1 June 2013 to 24 September 2013, in advance of its Annual General Meeting, to be held at 10:30 today.

Overview of financial performance and position

The board is pleased to announce that the performance of the Group during the period has been in line with management expectations. The financial position of the Group remains strong with cash generation during the period also in line with management expectations.

Trading Update

Europe

In the UK, trading in the washing and bathing division has been robust with new product launches proving successful. During the quarter, Imperial Leather has been relaunched with new imagery including a new fragrance selection across its premium Foamburst shower range. Cussons Mum & Me, the range of products for mothers and babies, has been extended with a new range of products for young children under the 'Little Explorers' sub-brand.

In the beauty division, all four brands have performed well with St Tropez being boosted by the appointment of Kate Moss as brand ambassador at the start of the summer. Further new product launches for both UK and International markets are planned during the remainder of the calendar year.

In Poland, performance has been strong both in Home Care and Personal Care. Merger control clearance for the sale of the Home Care brands is anticipated shortly. Trading in Greece has been at similar levels to the prior year.

Asia

The positive momentum in Indonesia has continued across the babycare and non-babycare ranges, although further weakening of the rupiah is impacting results.

Similarly in Australia, whilst performance in Home Care and Personal Care has been robust, the weakening of the Australian dollar is also impacting results.

Rafferty's Garden, the Australian baby food business purchased in early July, is performing well and in line with management expectations. Plans for international expansion of the brand are already being developed.

Africa

In Nigeria, despite unrest continuing in the north, the positive growth momentum seen in the second half of last year has continued into the first quarter which is traditionally low season in the country. New product launches are also planned over the coming months across all categories.

The palm oil refinery, constructed as part of the joint venture with Wilmar, continues to increase production levels on a monthly basis. A new consumer brand, Mamador, was launched during the quarter with products in multiple sizes and formats.

Directors

Simon Heale, who has served on the board as a non-executive director since January 2008, has indicated his intention to retire with effect from the expiry of his current three year term of office on 31 December 2013. The board thanks him for the significant contribution which he has made to the business over the past six years.

Outlook

Whilst the trading environment in most markets remains challenging, brand renovation and innovation is driving organic growth across the Group, enhanced by the acquisition of Rafferty's Garden.

Margin improvement projects also continue in all markets whilst raw material costs remain broadly flat.

A further trading update will be made on 11 December 2013.

PZ Cussons Nigeria Q1 pre-tax profit up 50 pct

LAGOS | Mon Oct 21, 2013 1:17pm BST
Oct 21 (Reuters) - PZ Cussons Nigeria, a unit of the UK-based soap and shampoo maker, said on Monday its first quarter pre-tax profit to August increased by half to 1.26 billion nigerian naira ($7.88 million), from 843.83 million naira a year ago.

Revenue also rose to 15.06 billion naira, compared with 14.39 billion naira in the same period a year ago, the company said in a filing with the Nigerian Stock Exchange.

PZ Cussons said the report covers the period from June to August 2013. Nigeria, Africa's most populous country, accounts for around a third of PZ Cussons' total revenue.

Trading Update

First half trading

The board is pleased to announce that the overall performance of the Group for the first half of the year has been in line with management expectations.

Revenue and operating profit respectively were 4% and 6% higher than the comparative period with performance in Africa and Europe offsetting the impact of weakening in Asian currencies. Excluding the impact of exchange rates, revenue and operating profit were 6% and 8% higher.

The financial position of the Group remains strong with cash generation during the period also in line with expectations.

Trading - Update

Europe

In the UK, performance in the washing and bathing division has been robust with new product launches key to attracting consumers and helping to differentiate our brands in a competitive trading environment. A highlight during the period has been the relaunch of the premium Imperial Leather Foamburst shower range with new imagery and fragrances.

All four brands in the beauty division have performed well. St Tropez, in particular, has benefited from the appointment of Kate Moss at the start of the summer and has seen distribution expand further in overseas markets.

Performance in Poland has been strong in both Home Care and Personal Care. Merger control clearance for the sale of the Home Care brands is in its final review stage and we await a decision as to whether clearance will be granted.

Greece has performed well with growth being achieved versus the comparative period.

Asia

Underlying performance in the Australian Home Care and Personal Care portfolios has been good with the key Morning Fresh and Radiant brands performing well. Rafferty's Garden, the Australian baby food business purchased in July, has also performed well and plans for international expansion continue to be developed. Both businesses have been impacted by higher input costs as a result of the significant weakening in the Australian dollar which has also reduced results on conversion to sterling.

In Indonesia, the market leading Cussons Baby range has continued to deliver double digit local currency revenue growth albeit at a lower rate as a result of the slowing macro environment. Similarly, results have been affected on conversion by the significant weakening in the rupiah. Further progress has been made in the period with the expansion of the Asian brand portfolio into neighbouring geographies.

Africa

At a macro level, high interest rates in Nigeria have helped maintain the stability of the naira to US dollar exchange rate, although this has resulted in liquidity levels in the market remaining tight. In the north of the country the trading environment has slightly improved despite ongoing disruption. Overall, the positive growth momentum seen in the second half of last year has continued into the first half, supported by significant new product launches across the Personal Care, Home Care and Electricals portfolios.

Nutricima, the nutritional beverage joint venture with Glanbia, has seen strong revenue growth although higher milk costs are impacting profitability.

The palm oil refinery, constructed as part of the joint venture with Wilmar, has continued to increase production levels on a monthly basis since commissioning in January. Mamador, the new premium edible oils brand launched in August in multiple sizes and formats, is growing well with positive consumer reaction. A second brand, Devon Kings, has also been launched to capture the rapidly growing economy segment of the market. The remaining output is being sold in bulk format to business customers. The total business moved into monthly profitability at the end of the period.

Revenue in Ghana and Kenya is ahead of the prior period although the Ghana results have been impacted by the significant weakening in the cedi.

Full year outlook

The trading environment in most markets remains challenging, and in particular in Asia as a result of ongoing currency weakness. Despite this, brand renovation and innovation continues to drive organic revenue and profit growth across the Group.

Interim Announcement

Interim results for the half year to 30 November 2013 will be announced on Tuesday 21st January 2014.

An analysts' presentation will be given at 10:00am on that day at the offices of Panmure Gordon, One New Change, London EC4M 9AF.

ENDS

Half Yearly Report

HIGHLIGHTS

Group
· Revenue and operating profit growth of 4% and 6% respectively despite the impact of weakening Asian currencies
· Excluding the impact of exchange rates, revenue and operating profit 6% and 8% higher
· Rafferty's Garden acquisition completed in the period for £42.2m in cash and performing well
· Strong balance sheet with a small net debt position following the Rafferty's acquisition
· Interim dividend raised to 2.53p representing a 7.7% increase

Africa
· Revenue and operating profit growth in Nigeria across all categories
· Trading environment slightly improved in the north of Nigeria despite ongoing disruption
· New brands Mamador and Devon King's launched in the period as part of the palm oil joint venture with Wilmar which is performing well
Asia
· Underlying performance in Australia and Indonesia strong despite significant weakening in exchange rates
· Continued expansion during the period of the Asian brand portfolio into neighbouring geographies

Europe
· Robust performance in UK Washing and Bathing division with new product launches key to attracting consumers
· All four brands in the Beauty division have seen good progress, and in particular St Tropez which has benefited from the appointment of Kate Moss as brand ambassador at the start of summer
· Strong performance in Poland in both Home Care and Personal Care
· Encouraging performance in Greece with growth in both revenue and profitability

Interim Management Statement

Trading Update

Investec Hold 356.50 376.00 378.00 Retains

Numis Hold 356.50 364.00 352.00 Reiterates

Canaccord Genuity Buy 356.50 440.00 440.00 Reiterates

Final Results

Highlights

Group
· Revenue growth in constant currency of 2% on prior year; in addition JV revenue increasing by £172m
· Operating profit growth of 7% despite the impact of weakening currencies
· Excluding the impact of exchange rates, operating profit would have been 18% higher than prior year
· Rafferty's Garden acquisition completed early in the year for £42.2m in cash
· Disposal of Polish Home Care brands completed in February for £46.6m in cash
· Strong balance sheet with only a small net debt position at the end of the year
· Total dividend increased 5% year on year being the 41st year of consecutive year on year increases

Africa
· Operating profit growth in Nigeria despite increased levels of disruption in the north of the country
· Revenue of African Food and Nutrition joint ventures reaches £260m
· PZ Wilmar joint venture performing well with refinery operating close to capacity
· Good revenue and profitability growth achieved in the Nutricima joint venture with Glanbia

Asia
· Revenue and profit growth achieved despite the significant impact of weakening currencies
· Underlying performance in key markets of Australia and Indonesia strong
· Rafferty's Garden acquisition marked the Group's entry into Food and Nutrition in Asia

Europe
· Strong performance in UK Washing and Bathing division with all four brands performing well
· Major relaunch of Imperial Leather range post year end
· St Tropez demand continues to be boosted by Kate Moss as brand ambassador
· Good performance in smaller markets of Poland and Greece

StockMarketWire.com
PZ Cussons said whilst trading conditions in most markets remain challenging, the group remains focussed on a dynamic and fast brand renovation and innovation programme, an ongoing cost reduction programme and successful delivery of new areas of growth such as Rafferty's Garden, Five:AM and the PZ Wilmar joint venture.

"These initiatives will help to offset the continuing macro challenges, including foreign exchange and raw material volatility, and the reduction in profits from Poland as a result of last year's Home Care brands sale," the company said in an IMS for the period June 1 to Sept. 22.

"The board is pleased to announce that the performance of the Group during the period has been in line with management expectations. The financial position of the Group remains strong with cash generation during the period also in line with management expectations."

EUROPE
In the UK, performance in the washing and bathing division has been strong despite challenging trading conditions, driven by an exciting innovation pipeline including the relaunch of the entire Imperial Leather range during the period.

The beauty division has performed well across its key markets of UK, US and Australia, with St Tropez's performance continuing to be boosted by Kate Moss as brand ambassador.

Performance in the smaller markets of Poland and Greece has been in line with expectations.

ASIA
In Indonesia, good progress has been made in expanding the babycare portfolio as well as building non-babycare brands such as Original Source.

Performance in Australia has been good across the categories of Home Care, Personal Care, Beauty and Food & Nutrition. The acquisition of Australian food brand 5:AM, which completed in early August for £44.1m in cash, has shown pleasing performance to date with growth in line with expectations. The international expansion of Rafferty's Garden, acquired last year, will commence shortly with the launch of the range into the New Zealand market.

Trading in Thailand and the Middle East has also been in line with expectations.

AFRICA
In Nigeria, disruption in the north of the country has continued to worsen, resulting in a decline in sales in that region. Good growth has continued in the south of the country, in particular in the electrical goods business and in the two food and nutrition joint ventures. Whilst the impact of the West African Ebola outbreak has been relatively small in Nigeria, the situation is being carefully monitored.

In Ghana, performance has been affected by the continued weakening in the Cedi, whilst in Kenya performance has been in line with expectations.

Sunday Times

Inside the City looks at PZ Cussons and suggests that it may be putting out some fairly ugly trading figures on Wednesday.

Cussons has a trading update, which is expected to lay bare two big problems, namely the Nigerian currency and British supermarket price wars.

The naira, Nigeria’s currency, has plummeted over the past month as the price of crude oil dropped. Nigeria accounts for 42 per cent of group turnover and is Cussons’s biggest market.

Meanwhile Cussons is getting squeezed in Britain’s supermarket price war.

Analysts don’t expect the company to be in profit-warning territory, but there is no way of knowing how long these two pressures will last.

Inside the City concludes investors would be wise to hold off buying.

Doesn't look great. Can't resist a punt though. May well not even get there, left a Limit Buy on spreads (Mar Contract) @ 312.0 if triggered target 340.0 tight stop 299.0
Interim 27th January.

Tempted to jump in long today but didn't, will wait for 312p to be filled (if it ever does get filled) at least back above 300p today.

Getting closer but no cigar. Time yet, Interim results Tuesday 27th Jan.

16 Jan Panmure Gordon 310.00 Hold

Aye DC, no sense of humour yon brokers :0)

You need more than a sense of humour to buy this. :-))

Perhaps a few stiff drinks. lol

Working on it DC :0)

Working on it ? lol

He who dares Rodney, He who dares! Not buying it, wee punt. If it breaks resistance @ 310p who knows. Look what happened to TSCO :0)

Tesco was fully expected. :-)) Seriously I hope it does well for you. Only needs its fortunes turning round.

lol. Well done Chris.

Probably tank tomorrow dc, we'll see :0)

Stop to entry for risk free trade.

back page ST biz section concludes SELL
worth reading the whole article

Good morning cynic. Yes this in no secret. Indeed the Telegraph (Questor) highlighted PZC in Jan 2013 as a sell and subsequently stock has been in a downtrend since and again todays Sunday Telegraph recommends sell.

However I use a trading strategy leading up to results based on the chart irrespective of fundamentals similar to your trading of Dow and Ftse. I believe they call it gambling :0)

On 3rd Jan, when I first looked at the chart I read it as oversold @ 290p and at levels of support in 2012. I purposefully waited as documented until resistance was broken @ 310p and order was filled at my entry 312p. I am just hitching a ride.

Closed on Friday @ 320.70 and I subsequently placed my stop to entry. Therefore a trade to nowt. If it rises tomorrow I may take profits before results Tuesday or wait till tuesday to revise strategy.

Trading to me is a hobby, I enjoy it. I don't trade Dow or Ftse because I don't want to spend all day looking at a screen. Horses for courses old bean. What! :0)

What ho! I say (old chap): Jolly good show, Rather! By jove!, toodle-pip. :-))

I say is that dreamcatcher of The Remove? Tally Ho old chap! :o)

Lol, just a upmarket reply to your 'Horses for courses old bean. What! :0)

Well done on this one. :-))

Good show old chap! :0)

Cheers old boy, off for tiffin now and a very large supernaculum afterwards.

:0)

PZC's profit

StockMarketWire.com

PZ Cussons has booked an H1 pretax profit of £39.7m, down 7.9% to £43.1m. Revenue was £386.7m, down 10.4% from £431.8m. It proposed an interim dividend of 2.61p a share, up 3.2% from 2.53p.

Chairman Richard Harvey said:

"These are good results in what have been difficult markets. The Group has delivered underlying revenue and profit growth in the period having adjusted for acquisitions and disposals and the negative exchange impact from translation.

"This is despite continued challenging trading conditions, particularly in its largest market Nigeria, where a devaluation of the Naira just before the period end also impacted results.

"The robust underlying performance in the UK, Australia, Indonesia and in particular in the Electrical and Food divisions in Nigeria, demonstrates that the strategy of ongoing product innovation with a focus on local consumer needs continues to be successful.

"The acquisition of the Australian food brand five:am further enhances the Group's Food and Nutrition portfolio and, together with the Rafferty's Garden brand acquired last year, creates a broader portfolio for roll-out across Asia.

"It has been very pleasing to see the African Food and Nutrition joint ventures revenue grow from £97m to £161m with the PZ Wilmar brands Mamador and Devon King's performing particularly well.

"Underlying performance since the period end has been in line with expectations although the Naira has continued to weaken. The macro environment in Nigeria for the remainder of the financial year, which includes the February presidential elections and potential further currency volatility, will be a key contributing factor to the overall result for the full year.

"Looking through the short-term challenges we remain confident about the medium and long term opportunities in Africa. We have built a profitable and growing Electricals division, are seeing excellent growth in Food and Nutrition, and have a leading position in Personal Care and Home Care, all of which are poised to benefitonce stability is re-established and the economy grows.

"Our balance sheet is strong and we have the appetite to pursue further investment opportunities which fit our strategic aims."



Story provided by StockMarketWire.com




Results not great, but better than forecast.


Stopped out yesterday, will see at close today whether or not i was too quick to put such a tight stop loss to my entry.

LATEST BROKER VIEWS

Date Broker New target Recomm.
27 Jan Canaccord... 403.00 Buy
27 Jan Investec 357.00 Hold
27 Jan Panmure Gordon 310.00 Hold
16 Jan Panmure Gordon 310.00 Hold
14 Jan Investec 350.00 Hold
17 Dec Panmure Gordon 310.00 Hold
11 Dec JP Morgan... 350.00 Neutral
10 Dec Numis 317.00 Hold
10 Dec Panmure Gordon N/A Buy
3 Dec Goldman Sachs 415.00 Buy
Broker Recommendations for PZ Cussons


Couple of upgrades, could this perhaps be the start of a recovery play?


dc so much for Questor and the Sunday Times eh :0)

Limit Buy triggered today @ 314.3 initial target 340p stop 298p

Clinging on, but at least hasn't tanked yet. Maybe market feels this is fair value at this level?

Well done.lol

not a great place to be putting new money that's for sure

He who dares! (Usually gets shxt on) :0)

Stopped out for nowt :0)

Remarkable how sp has clung on, perhaps ex-divi on Thursday has something to do with it. Still think a recovery play isn't far away, will wait and see what sort of reaction if any after Thursday. Watching, far from the madding crowd :0)

Err I must be going insane. This isn't supposed to happen SP is rising :0)

NOTE TO SELF IGNORE QUESTER, PAPERS AND ESPECIALLY BROKERS AND DOOM MERCHANTS LOL!!!

Chris from motely fool - PZ Cussons

Shares in PZ Cussons (LSE: PZC) are up 5% today and, as with Thorntons, there has been no significant news flow released by the company. This takes their gain in 2014 to 8.5% but, of course, PZ Cussons’ one major weakness continues to hold it back: a lack of regional diversification.

Clearly, the challenging trading conditions in PZ Cussons’ main market, Nigeria, are an external factor that the company has little or no control over. However, it continues to affect its performance and is a key reason why earnings for the current year are expected to be 3% lower than for last year.

Furthermore, with PZ Cussons trading on a price to earnings (P/E) ratio of 19, it seems to be overvalued given its current level of performance.

dc - the trade that got away :0) I don't agree with the above I still think there cheap but we'll see.

Your doing well. :-))

Recovering nicely so far. (famous last words)

Took a chunk of the table today. Resistance 350p a bridge too far at mo. May consolidate to close gap to 335p had a good run.

StockMarketWire.com
PZ Cussons has bought-out Glanbia's 50% stake in Nutricima, the Nigerian joint venture between the pair, for £21m cash and giving it full ownership and control.

PZ Cussons has also entered into a new long-term agreement with Glanbia Ingredients Ireland for the supply of milk-based products to Nutricima.

The Nutricima joint venture with Glanbia was formed in 2003 to build a facility in Nigeria to supply evaporated milk and milk powder to the local Nigerian market.

A second facility for the manufacture of UHT products was opened in 2009. Over the last decade, Nutricima has developed market leading consumer brands including Nunu, Olympic and Yo. These brands will be further strengthened and developed under the full ownership and control of PZ Cussons.

The joint venture's revenues, EBITDA and PBT for the year ended 31 May 2014 were £74.4m, £3.2m and £1.3m respectively. Gross assets at 31 May 2014 were £57.9m.

The buy-out has been completed using existing facilities and is expected to be earnings enhancing in the next financial year.

Harry - Interesting to watch developments in Nigeria on the news last night. Maybe the results of the Election will assist sp (or not). Good news above.

Questor-share-tip-PZ-Cussons-upgraded-after-milk-deal

Back on track today so far albeit on minute volume. Trading Statement due next Thursday 9th.

PZ Cussons' FY outlook in line with views

StockMarketWire.com

PZ Cussons said its FY outlook remains in line with expectations and the company's overall performance in the period Jan. 28 to April 8 has been in line with expectations.

"Country performance has been in line with the comments made in the Interim results announcement on 27 January," PZ Cussons said.

"With regard to the Group's largest market Nigeria, the naira exchange rate is currently stable following a further devaluation in the period, and trading has resumed as normal following a short period of lost trading days during the presidential election process," it said.

A further trading update will be made on 11 June 2015 after the close of the financial year.

Maybe boring but never the less. slow and steady progress north.

RNS

RNS Number : 8268P
PZ CUSSONS PLC
11 June 2015

11 June 2015
PZ Cussons Plc
(the "Group")

Trading Update

PZ Cussons Plc, a leading consumer products group, today issues the following trading update for the year ended 31 May 2015.

Overview of financial performance and position

The board is pleased to announce that the performance of the Group for the year ended 31 May 2015 has been in line with expectations.

The financial position of the Group remains strong with cash generation also in line with expectations.

Trading Update

Europe

In the UK washing and bathing division, all brands have performed well driven by a significant renovation and innovation programme. Imperial Leather has benefited from the relaunch of the entire range under Classic, Indulgence and Signature tiers, catering for multiple price points and distribution channels. The Carex range of Fun Edition hand wash products for children has performed particularly well and been extended into wipes and gels. The Original Source brand range has been significantly extended with extreme fragrance shower gels and new products such as lotions and scrubs.

In the beauty division, St Tropez has performed well both in the UK and in the US market. An exciting first to market product for the brand is St Tropez gradual tan in shower lotion which has just been launched. The Sanctuary brand portfolio has been extensively refreshed with new skincare and body care ranges.

Performance in the smaller markets of Poland and Greece has been in line with expectations.

Asia

The Group's business in Australia has benefited from further diversification following the acquisition of the market leading five:am brand in August 2014. The food brands of Rafferty's Garden and five:am have achieved a robust performance offsetting the more difficult trading conditions in the home care category as well as the impact from the weaker Australian dollar. Rafferty's Garden has also expanded into new overseas markets such as New Zealand and China.

Continued positive momentum in Indonesia has delivered another year of strong revenue growth with the Cussons Baby brand being extended through a number of new product launches and the popularity of the brand growing through the nationwide 'Little Star' promotion.

Overall performance in the smaller markets of Thailand and the Middle East has been in line with expectations.

Africa

In Nigeria, last month's presidential elections passed smoothly with only a short period of lost trading days, and the naira exchange rate is currently stable following a 25% devaluation in the second half of the financial year.

In personal care and home care, whilst margins have been affected by commodity products trading in an extremely competitive environment, growth has been achieved in the value add portfolio driven by a significant brand renovation programme. An example of this is Premier, Nigeria's number one bar soap, launching into the small but growing shower gel category.

The electricals business has had another strong year driven by the continued success of Nigeria's number one brand Haier Thermocool.

Nutricima has seen good growth in the year driven by the success of its two key brands NuNu and Olympic. The business is now fully owned and consolidated following PZ Cussons's buy-out of the joint venture partner on 1 April.

The palm oil joint venture with Wilmar has performed very well with good growth achieved in the consumer brands of Mamador and Devon Kings. Revenue of the joint venture has now reached £225m for the year.

Overall performance in the smaller markets of Ghana and Kenya has been in line with expectations.

Outlook

Whilst trading conditions in most markets remain challenging, the Group remains focussed on delivering its dynamic brand renovation and innovation programme in conjunction with an ongoing cost reduction programme.

In the Group's largest market Nigeria, whilst the naira is currently stable there remains a risk of further currency devaluation. The market is currently adjusting relative pricing and consumer spending power is likely to be impacted in the short term by the imported inflation.

The Group's balance sheet remains strong and well placed to pursue new opportunities for growth as they arise.

Final results

Final results for the year ended 31 May 2015 will be announced on Tuesday 21 July 2015.

An analysts' presentation will be given at 9:30am on that day. This will be held at the offices of Instinctif Partners, 65 Gresham Street, London, EC2V 7NQ. Dial in details will be available immediately following the final results announcement.

- ENDS -

Chris , look at the ITV thread just posted a very interesting chart with comment.

StockMarketWire.com
PZ Cussons' FY pretax profit plunged 32.1% to £84.0m, from £123.7m previously. Revenue was £819.1m, from £861.4m. Total dividend was 8p a share, from 7.76p.

Chairman Richard Harvey described the performance as solid, and noted the completion of several strategic initiatives.

"Despite tough trading conditions, particularly in our largest market Nigeria, underlying revenue and operating profit grew 2.3% and 2.7% respectively, and our market share positions were either held or grown in our core categories.

"As part of our long-term strategy to focus the Group's portfolio on higher growth, value add businesses, a number of strategic initiatives were successfully completed in the year.

"To develop our Food & Nutrition Category further and to create a broader portfolio for expansion into South East Asia we acquired the Australian food brand five:am early in the financial year, following the acquisition last year of the Rafferty's Garden brand.

"In addition, we now own 100% of our Nigerian beverage business after completing the buy-out of Nutricima from our joint venture partner.

"The Group's balance sheet remains strong with net debt of 1.2 x EBITDA at the year-end. The strength of our balance sheet gives us the flexibility to further evolve the Group's portfolio into new areas of growth and to take advantage of new investment opportunities as they arise.

"The Board is pleased to declare a further increase in the full year dividend, marking 42 consecutive years that we have increased our dividend year-on-year, every year.

"Performance since the year-end has been in line with expectations. Whilst the outlook remains challenging, the Group's focus on its values, robust long-term strategy, our innovative product pipeline, and the strategic steps we have taken, provide a strong and exciting platform for future sustainable growth."

Highlights:
· Revenue and operating profit growth of 2.3% and 2.7% respectively on a like for like basis

· Extensive brand renovation and innovation program driving growth in all regions

· Reported results reflect the negative exchange impact from weakening currencies and the net impact of acquisitions and disposals

· Australian food brand five:am acquired in August for initial consideration of £44.8m in cash and performing well

· Buy-out in April of joint venture partner of Nigerian beverage business for £21m in cash and performing well

· Strong balance sheet with net debt at 1.2 x EBITDA following acquisitions

· Dividend increased 3.1% marking 42nd consecutive year of year on year increases

Watching, recently bounced off 200DMA. chart doesn't look great but better than it did end of 2014. Buy order left @ 356.25 (on the spreads). If filled initial target resistance 370p stop 349p

Had a wee punt here hoping history may repeat in on the spreads long @ 307p initial target 340p stop 298p.

Just depends on whether you think the markets are due for another downward correction or not. August holiday, China, thin trading, bank holiday coming up.........might be a friday sell-off ready for September action.........???? No idea really, but more risk of 'downside' than 'up', imo.

Hence the tight stop Harry.

Stop to entry for risk free trade.

LATEST BROKER VIEWS

Date Broker New target Recomm.
23 Sep Numis 328.00 Add
23 Sep JP Morgan... 390.00 Neutral
22 Sep Investec 350.00 Buy
11 Sep Panmure Gordon 290.00 Hold
9 Sep Investec 350.00 Buy
23 Jul Panmure Gordon 325.00 Sell
22 Jul Goldman Sachs 370.00 Neutral
21 Jul Investec 374.00 Hold
21 Jul JP Morgan... 390.00 Neutral
21 Jul Canaccord... 403.00 Buy
Broker Recommendations for PZ Cussons

LATEST BROKER VIEWS

Date Broker New target Recomm.
6 Oct Goldman Sachs 355.00 Buy
23 Sep Numis 328.00 Add
23 Sep JP Morgan... 390.00 Neutral
22 Sep Investec 350.00 Buy
11 Sep Panmure Gordon 290.00 Hold
9 Sep Investec 350.00 Buy
23 Jul Panmure Gordon 325.00 Sell
22 Jul Goldman Sachs 370.00 Neutral
21 Jul Investec 374.00 Hold
21 Jul JP Morgan... 390.00 Neutral
Broker Recommendations for PZ Cussons

Anyone long with Cap Spreads this morning? I was stopped out so they say by a rogue price 302.34 this morning at the open. Reinstated. Got to watch these guys, rare with Caps but it happens.

Keeps trying to break 310p.. Buy order waiting on the spreads @ 312, if triggered tight stop.

Initial target 320p

Maybe get a bounce here. Watching.

LATEST BROKER VIEWS

Date Broker New target Recomm.
10 Dec Investec 327.00 Buy
26 Nov Goldman Sachs 360.00 Buy
6 Oct Goldman Sachs 355.00 Buy
23 Sep Numis 328.00 Add
23 Sep JP Morgan... 390.00 Neutral
22 Sep Investec 350.00 Buy
11 Sep Panmure Gordon 290.00 Hold
9 Sep Investec 350.00 Buy
23 Jul Panmure Gordon 325.00 Sell
22 Jul Goldman Sachs 370.00 Neutral
Broker Recommendations for PZ Cussons

This stock has been hammered, will wait to see how it's performing 9am Monday. If the Santa rally actually happens big IF. Even if dead cat bounce, may test 300p. Spread bet.

StockMarketWire.com
PZ Cussons has booked a statutory H1 pretax profit of GBP40.0m, from GBP39.7m a year earlier. Revenue was a jot lower, too. Interim dividend was unchanged at 2.61p a share.

Chairman Richard Harvey commented:
"These are a steady set of results in what have been challenging markets with overall revenue and profitability broadly flat versus the comparative period. A strong performance in Europe has offset a more difficult trading environment in Nigeria and the impact of weaker currencies in both Asia and Africa.

"The Group continues to maintain a strong pipeline of new products with good examples of successful new launches in the period being St Tropez's new in shower gradual tan lotion and the new range of Carex bodywash products.

"These demonstrate the importance of delivering innovation to the consumer to drive growth in challenging trading conditions, and have ensured that our market share positions are either held or grown in our core categories.

"It is particularly pleasing to note that our European businesses are performing strongly and are offsetting the challenges in emerging markets and the impact of currency weakness, and highlights the importance of geographic and category diversity that continues to serve the Group well.

"The Group's balance sheet remains strong with net debt at 1.4 x EBITDA at the period end. The strength of our balance sheet gives us the flexibility to further evolve the Group's portfolio into new areas of growth and to take advantage of new investment opportunities as they arise.

"Looking through the short-term challenges in Nigeria, we remain confident about the medium and long term opportunities which should begin to materialise once growth returns to that economy."

Having a third attempt to breach 280p since January.

340p next stop?

This is a great trading share, number of shorts from 351p closed today @ 330p. Historically bang on 25DMA sp has rallied, not confident will this time left one short open @327p stop @ 342p. target 300p.

PZ Cussons names Caroline Silver as new Chair

StockMarketWire.com

PZ Cussons said that Caroline Silver has been appointed as incoming non-executive chairman of the company, effective from Jan. 1, 2017, following the retirement of incumbent Richard Harvey.

StockMarketWire.com
PZ Cussons said its performance for the year ended May 31 was in line with expectations, with performance in Europe and Asia offsetting more difficult trading conditions in Africa.

The financial position of the Group remains strong with cash generation also in line with expectations.

"Performance in Europe and Asia is expected to be strong driven by the continuing brand renovation and innovation programme underpinned by strong cost control," the company said.

"In Nigeria, which represents approximately 25% of group profits, trading conditions are expected to continue to be challenging, with a range of potential outcomes for the new financial year dependent on the translational and transactional impacts of any movement in the naira exchange rate.

"The Group remains well placed to benefit from its position in Nigeria once growth returns to the market.

"The Group's balance sheet remains strong and well placed to pursue new opportunities for growth as they arise."

See how it opens on Monday, trading update Thursday. Maybe worth a punt barring a market crash. At 2012 level support 300p resistance 320p, closed Friday @ 305.60p
initial target 340p.

StockMarketWire.com

PZ Cussons said its overall H1 performance has been in line with expectations, with profits broadly flat versus the comparative period.

"The Group's balance sheet remains strong with cash generation for the period also in line with expectations," it said in a statement.

FULL-YEAR OUTLOOK:

"The strength of the Group's brand portfolio and innovation pipeline continues to ensure that the market shares of our products remain strong in all markets despite tough trading conditions," PZ Cussons said.

"Brand renovation and innovation will underpin the trading result in the second half in Europe and Asia, with various mitigating actions planned across the UK businesses to counter higher costs.

"In Nigeria, the brand portfolio is well positioned for peak season in the country with the Group's heritage and experience serving it well through very challenging macro conditions.

"The Group's balance sheet remains strong and well placed to pursue new opportunities as they arise."

330p breached intra-day. A close above 320p, next stop initial target 340p. Stop loss moved up to 315p.

StockMarketWire.com
PZ Cussons, At its AGM today, will announce that it remains on track to deliver full year growth in operating profits.

The increase will be underpinned by "a robust and innovative product pipeline and tight control of costs", it said.

"This is despite tough trading conditions in most markets which have been evident in the first quarter and which are expected to continue for the full year."

StockMarketWire.com
PZ Cussons, an international consumer products group, has warned that its profit for the full year will fall short of expectations.

In January, the group said performance in the first half of the year had been constrained by trading conditions in the UK and Nigeria, and that delivery of the full year result would be dependent on trading conditions in those markets for the balance of year.

The board anticipates that profit before tax will be in the range of £80 million - £85 million.

Results in the group's other markets remain robust with performance in Australia, Indonesia and in the group's beauty division ahead of the prior year.

The UK washing and bathing division has continued to experience lower levels of purchases reflecting consumer caution across all retail channels caused by economic uncertainty and inflation out-stripping wage growth. Whilst new product launches have been well received, they have not had the desired uplift in sales to compensate for the wider volume and margin shortfall.

Following the significant cost inflation of recent years, the Nigerian consumer's discretionary income remains under pressure with subdued buying levels. As a result the usual peak season uplift has not occurred to the expected level. Consequently inventory levels in the trade remain high leading to intense competition, most noticeably in the milk category, which in return is resulting in lower volumes, prices and margins.

The group is now conducting a reassessment of the structure of its operating model to further reduce the overhead base; a review of product costs with a focus on areas such as packaging reduction; a review of the group's milk business in Nigeria with an objective of returning it to profitability; and a re-prioritisation of the group's new product pipeline to focus on fewer, bigger projects requiring lower levels of complexity.

Investec today reaffirms its buy investment rating on PZ Cussons PLC (LON:PZC) and cut its price target to 309p (from 374p)

StockMarketWire.com
PZ Cussons reported macro conditions will remain challenging with general elections in Nigeria and Indonesia falling in the second half of the new financial year in its trading update for the year to 31 May 2018.

In the interim results announcement in January, the company reported that performance in the first half of the year had been constrained by trading conditions in the UK and Nigeria.

In the trading update in March, PZ Cussons said trading conditions in these two markets remained difficult and it expected profit before tax for the full year to be in the range of £80m to £85m.

During the last few months of the year, performance in the UK was in line with revised expectations and, whilst trading conditions in Nigeria have tightened further, expected profit before tax for the full year will be in the range previously indicated, albeit towards the bottom end of the range.

Results in the group's other markets remain robust with performance in Australia, Indonesia and the Group's beauty division ahead of the prior year.

AFRICA
In Nigeria, whilst higher oil prices contributed to increased foreign exchange reserves and a relatively stable exchange rate regime, liquidity has not flowed down into the economy. In addition, wage inflation continued to remain well behind the significant cost inflation of recent years, resulting in consumer discretionary income under pressure with subdued buying levels.

As a result, the usual peak season uplift did not materialised resulting in volumes, prices and margins being impacted across most areas of the Nigerian portfolio.

There was no structural change in the landscape of the categories in which we operate with brand shares remaining strong. The lower profitability is therefore a reflection of a weaker overall market with total volumes, prices and margins all lower.

ASIA In Australia, profitability of the business continued to improve with new product launches and margin improvement initiatives across the key categories of Personal Care, Home Care, Beauty and Food & Nutrition.

In Indonesia, profitability was good with mix improvement across both the core Cussons Baby range as well as from recent new product launches under Imperial Leather and Cussons Kids.

EUROPE
Revenue and profitability in the UK washing and bathing division were affected by the tightening UK retail landscape, with consumers shopping more cautiously as a result of economic uncertainty and inflation out-stripping wage growth. Whilst new product launches have been well received, these have not been sufficient to compensate for the wider volume and margin shortfall.

The Beauty division performed well across all brands of St Tropez, Sanctuary, Charles Worthington and Fudge, with good growth in particular coming from the US market.

INITIATIVES
As outlined in March, there are a number of initiatives underway to improve the efficiency of the business:

- A further optimisation of the group's operating model. This will further reduce the overhead base, as well as improve the speed at which new products are brought to market. The cash cost will be circa £10m over the next two years, offset by lower capital expenditure requirements

- A further optimisation of the group's product portfolio in Nigeria across the HPC (Home and Personal Care) and Nutricima (milk) businesses. The objective is to restore margins in the HPC business and restore the Nutricima business to profitability

- A re-prioritisation of the group's new product pipeline in all markets to focus on fewer, bigger projects requiring lower levels of complexity

- A review of product costs across all categories with a focus on areas such as packaging reduction and in conjunction with a drive to reduce plastic consumption

- An evaluation of other growth opportunities utilising the Group's product portfolio and distribution capability.

StockMarketWire.com
Consumer goods group PZ Cussons posted a 23% fall in annual profit after subdued market conditions in Nigeria and the UK squeezed its margins.

Pre-tax profit for the year through March declined to £66.6m, as revenue fell 5.8% to £762.6m.

Adjusted pre-tax profit fell 22% to £80.1m, in line with the company's most recent guidance for a figure at the bottom end of a £80m-to-£85m range.

PZ Cussons held its annual dividend steady at 8.28p per share.

Adjusted operating profit in the African division fell 78%, while rising 17% in the Asian division and coming in broadly flat in the European division.

In Nigeria, the company said a sustained lack of liquidity at both consumer and trade level had resulted in a significant contraction in the size of the market, resulting in lower volumes, prices and margins.

'In the absence of an indication as to when liquidity in Nigeria may improve ahead of the February 2019 general elections, we are taking steps to optimise further our overall product portfolio and to reduce our cost base,' the company said.

In the UK, growth in the beauty division partially offset more challenging trading conditions faced in the UK washing and bathing division.

'We remain focused on innovation but with a sharpened lens on fewer, bigger, higher margin product launches which will differentiate further our brands, as well as a reduction in overheads through optimising our operating model, chairman Caroline Silver said.

'The group's balance sheet remains strong and we will continue to evaluate growth opportunities utilising the group's brand portfolio and distribution capability.'

'Whilst we expect another challenging year ahead, the business is well placed to return to growth and consequently the board has maintained the full year dividend.'

StockMarketWire.com
Consumer goods firm PZ Cussons said trading in Nigeria, currently weak due to the uncertain economic situation, would determine the performance of the business in its financial year to May 2018.

The group highlighted a good performance in Europe driven by product innovation and a similarly 'good' showing in Asia, though partly offset by the weakness of Asian currencies against sterling.

Currency weakness was part of the problem in Nigeria with the naira declining 15% against the US dollar in the first half of PZ Cussons financial year.

The company also noted that consumer disposable income had remained weak ahead of the February 2019 general election. As a result first half profit from the country will be down year-on-year.