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PZ Cussons says value inflation has reached £40m this 12 months

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Producer of Imperial Leather-based and Carex PZ Cussons reported a drop in annual income because it mentioned value inflation and the affect of shopper cuts weighed on its efficiency.

The corporate reported pre-tax income of £66.6m for the 12 months to 31 Could, down 2.9% from £68.6m a 12 months earlier. However earnings beat market expectations, the group mentioned.

It additionally noticed gross sales fall from £603m to £593m over the 12 months.

Price inflation reached file ranges with uncooked materials costs and transport prices resulting in round an 11% improve in value of gross sales in comparison with the earlier 12 months – or £40m extra – PZ Cussons mentioned.

Nevertheless, the group mentioned it was in a position to offset worth will increase by pushing by worth adjustments and price initiatives all year long.

Up to now 12 months, PZ Cussons delivered a resilient efficiency towards the backdrop of difficult circumstances in our markets

Rising costs additionally had a knock-on impact on shopper spending, with households dealing with squeezed budgets and better residing prices.

The corporate mentioned it’s working onerous to keep away from passing on increased logistics and provide chain prices to customers.

Chief govt Jonathan Myers mentioned: “PZ Cussons delivered a resilient efficiency over the previous 12 months towards the backdrop of difficult circumstances in our markets.

“We’ve achieved this by our technique to put money into our manufacturers with a give attention to core classes.

“Whereas a lot stays to be carried out and the exterior setting stays difficult, we now have began the present monetary 12 months properly and proceed to see vital long-term alternatives forward as we transfer in direction of increased progress, increased margin, easier and higher options. sustainable enterprise.”

The corporate mentioned it expects to ship outcomes in step with expectations subsequent 12 months, regardless of a difficult financial setting.

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