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.

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