PZ Cussons says profits hurt by £12m hit from falling currencies

 
Kasmira Jefford
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PZ CUSSONS said it would report a six per cent rise in profits this year, despite taking a £12m hit from falling currencies.

The company behind St Tropez tanning lotion and Imperial Leather soap said pre-tax profits for the year to 31 May could have been 17 per cent higher had it not been for the impact of foreign exchange movements such as the weakening Australian dollar.

In the UK, PZ Cussons said its Carex and Original Source brands had performed well as did St Tropez, which had benefitted from its ad campaign with model Kate Moss. It is also relaunching its Imperial Leather brand.

The group said trade in Nigeria, one of its biggest markets, continued to be constrained by the disruption in the Northern regions and high local interest rates.