THE WHAT? PZ Cussons has reported its results for the half year to November 30, 2021. The manufacturer of Carex saw revenue drop 2 percent like-for-like on the same period a year prior to £283.7 million.
THE DETAILS The owner of Saint Tropez said that a return to mid-single digit revenue growth in Q2 limited first half revenue decline after a disappointing Q1 and that revenue rose in both its core categories of Beauty (+21 percent) and Baby (+1 percent).
However, both operating profit and pre-tax profit rose, (+6.2 percent and +8.3 percent respectively).
THE WHY? Jonathan Myers, CEO, commented, “We have seen continued progress against both our new strategy and our pursuit of sustainable, profitable revenue growth. The Q1 revenue decline was driven primarily by Carex lapping unprecedented demand for Hygiene products at the peak of the COVID-19 pandemic in the prior year. The business returned to revenue growth in Q2 with our core Baby and Beauty categories growing revenue in the first half overall. Revenue from Must Win Brands, excluding Carex, grew +10 percent and the overall business showed strong underlying momentum when comparing the results to the equivalent period two years ago. Continued Price / Mix improvements helped strengthen gross margin in the first half of the year, allowing us to increase Media & Consumer investment behind our brands and maintain our operating margin. These results demonstrate our ability to use the strength of our brands to protect margins in the face of cost headwinds…
“The Board has approved an interim dividend, maintained in line with the prior year, of 2.67p, reflecting our confidence in the underlying business momentum but also recognising that challenges remain for the second half. Commodity and freight costs show no sign of abating in the near term and we continue to anticipate cost pressures into FY23. Our focus is on both protecting our margins but also continuing to invest in the business, to secure future growth and build the capabilities we need to deliver against our strategy.”
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