The maker of Imperial Leather has suffered a 50 per cent fall in profits after a year marked by a record hike in raw material costs and unrest in its biggest market.
PZ Cussons, which also makes Carex handwash and Original Source shower gel, said sales in the UK had been robust despite high levels of discounts in supermarkets making it hard to pass on the rising costs.
But its performance in Nigeria suffered amid social unrest and the removal of a fuel duty subsidy, which has hit customers’ disposable incomes, while its Australian division also struggled.
Pre-tax profits fell 55 per cent to £48.5 million in the year to 31 May, which also reflected the effect of buying the Fudge haircare brand along with cost cutting measures.
Underlying profits fell 15 per cent to £92.3m.