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.

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."