com:20091005:RnsE1888A
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RNS Number : 1888A  
  
PZ CUSSONS PLC  
  
05 October 2009  
  
Monday 5 October 2009  
  
PZ Cussons Plc  
  
(the "Group")  
  
Interim Management Statement  
  
PZ Cussons Plc today issues the following interim management statement which 
covers the period 1st June 2009 to 4th October 2009, in advance of its Annual 
General Meeting, to be held at 12 noon today.  
  
Overview of financial position and performance  
  
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  
  
During the last financial year, the Group's strategy and business model proved 
robust despite the   
  
global economic downturn, and this positive trading momentum has continued 
across the Group into the current financial year. Performance has been strong 
with an increase in profitability over the same period last year.  
  
In Nigeria, the Group's largest market, the political environment has remained 
relatively stable whilst economically the country has continued to achieve 
positive GDP growth. The weakening of the exchange rate versus the US dollar has 
stabilised as a result of oil prices now rising again. In recent months, the 
strengthening of controls in the banking sector is viewed as positive for the 
long term economic health of the financial system. Our Personal Care, Home Care, 
Electricals and Nutrition businesses have all performed well during the period 
despite the temporary tightening of liquidity in the market following the new 
banking controls. Project Unity, the group's £39m investment in Nigeria's wider 
supply chain capability, remains on schedule with the new national distribution 
centre now operational.   
  
In the UK, the strategy of launching innovative new products tailored 
specifically for UK consumers continues to be successful across the brand range 
of Imperial Leather, Original Source, Carex, Charles Worthington, Morning Fresh 
and The Sanctuary. Performance has been strong and is benefiting from the new 
facility at Agecroft in Manchester which has been fully operational since 
February. The facility provides both low cost manufacturing and an integrated 
research and development and perfumery capability.   
  
Overall performance in the Group's other units has also been strong during the 
period. 
  
  
Financial Position  
  
The Group moved back into a net funds position at the end of the last financial 
year and cash generation during the current financial year remained strong with 
a continuing focus on minimising working capital levels across the Group 
following last year's significant reduction. Capital expenditure, of which 
Project Unity is the largest item, continues to be funded from operating 
cashflow.  
  
Summary  
  
The overall performance and position of the Group at the end of the period is in 
line with the Board's expectations.  
  
Overall, we remain cautiously optimistic for the full year outturn despite the 
global economic picture   
  
remaining uncertain.  
  
A further update on the Group's performance will be given in the interim 
financial statements for the six months to 30th November 2009, to be announced 
at the end of January 2010.  
  
- Ends -  
  
For further information contact:  
  
 
  PZ Cussons Plc   Tel: 0161 491 8000  
  Brandon Leigh / Graham Calder        
  
  
 
  Hogarth Partnership Limited                          
     Tel: 020 7357 9477                                
  John Olsen / Sarah MacLeod/ Anna Keeble              
  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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