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AFRICA NOT ALL BAD NEWS (PZC)     

partridge - 01 Aug 2006 10:03

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.

partridge - 07 May 2011 14:36 - 13 of 128

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!

jkd - 08 May 2011 19:24 - 14 of 128

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

HARRYCAT - 06 Jun 2011 10:56 - 15 of 128

Chart.aspx?Provider=EODIntra&Code=PZC&Si

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

HARRYCAT - 09 Jun 2011 08:15 - 16 of 128

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.

partridge - 08 Dec 2011 08:46 - 17 of 128

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.

skinny - 08 Dec 2011 08:48 - 18 of 128

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

HARRYCAT - 08 Dec 2011 13:11 - 19 of 128

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."

jkd - 26 Jan 2012 00:45 - 20 of 128

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

skinny - 26 Jan 2012 06:27 - 21 of 128



Chart.aspx?Provider=EODIntra&Code=PZC&Si

partridge - 26 Jan 2012 07:43 - 22 of 128

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.

skinny - 24 Jul 2012 07:02 - 23 of 128

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

Chris Carson - 04 Sep 2012 13:53 - 24 of 128

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

Chris Carson - 06 Sep 2012 22:23 - 25 of 128

Chart.aspx?Provider=EODIntra&Code=PZC&Si


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

Chris Carson - 17 Sep 2012 17:15 - 26 of 128

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

skinny - 19 Sep 2012 07:05 - 27 of 128

Interim Management Statement

Chris Carson - 19 Sep 2012 07:14 - 28 of 128

Thanks skinny.

Chris Carson - 19 Sep 2012 10:11 - 29 of 128

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.

Chris Carson - 19 Sep 2012 12:47 - 30 of 128

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

skinny - 29 Jan 2013 07:11 - 31 of 128

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

skinny - 11 Apr 2013 07:06 - 32 of 128

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

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