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THE WHAT? PZ Cussons issued a revenue warning, attributing it to the Nigerian forex’s devaluation, resulting in a big drop in shares to a 15-year low.
THE DETAILS The corporate anticipates an adjusted working revenue of 55 million to 60 million kilos for the yr ending Could 31, a lower from final yr’s 73.3 million kilos. This forecast falls under the analyst expectations from final September, which estimated income between 61.5 million and 68.2 million kilos. The CEO, Jonathan Myers, highlighted the devaluation of the Nigerian naira, which has weakened by about 70% in comparison with the earlier yr, as the first problem. PZ Cussons is in talks to denationalise its Nigerian subsidiary by the monetary year-end.
THE WHY? The corporate additionally famous weaker magnificence product gross sales and a softer Indonesian market, although UK private care product gross sales remained sturdy. Consequently, PZ Cussons decreased its interim dividend to 1.5 pence per share from 2.67 pence a yr earlier.
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