PZ Cussons bullish on growth
BRITISH soap and shampoo maker PZ Cussons beat forecasts with a 20.6 per cent rise in annual profits yesterday and said it looked ahead with cautious optimism despite an uncertain consumer outlook in some markets.
The maker of Imperial Leather and Carex soaps said it saw profitable growth in all its key regions of Europe, Africa and Asia, and trading since its year end during June and July had been in line with management’s expectations.
The group reported pre-tax profits of £101.8m for the year to 31 May.
“We look ahead with cautious optimism and an entrepreneurial spirit despite an uncertain consumer outlook in a number of markets,” the group said in an annual results statement yesterday.
House broker Panmure Gordon described the results as “impressive” but thinks the shares are due a pause for breath after rising around 60 per cent in the past 12 months.
The broker is raising its earnings forecasts for the next two years by around two per cent to look for around 11.5 per cent earnings growth each year. Its 2011 forecast moves to 16.61p from 16.28p and its 2012 forecast to 18.52p from 18.11p.
Chairman Richard Harvey said Cussons had seen profitable growth in all three regions of Africa, Asia and Europe. He added: “A clear focus on the strategy of selected markets, leading brands, a world-class supply chain and a great team of people has enabled continued sustainable profitable growth.”