Forex hits PZ Cussons' results

Foreign exchange has hit PZ Cussons’ half year results, with a small dip in reported revenue and a 3.7% drop in profit before tax.

The FTSE 250 company issued a trading update for the six months to 30 November 2015 on Tuesday.

Revenue dropped 0.2% to £385.9m, however on a constant currency basis it rose 9.6%.

The company said a strong performance in Europe was driven by the UK washing and bathing division with a continuous innovation pipeline and the launch of a new range of Carex bodywash products.

The Europe beauty division was also boosted by a new in shower gradual tan lotion from St Tropez and a new range of Sanctuary products.

However, Europe’s success was offset by a difficult trading environment in Nigeria and the impact of weaker currencies in Asia and Africa.

As a result, the group’s profit before tax dropped from a 2.1% increase on a constant currency basis to a contraction of 3.7% on a reported basis to £42.1m.

Chairman Richard Harvey said it is a steady set of results in challenging markets.

The Group continues to maintain a strong pipeline of new products,” he said.

“These demonstrate the importance of delivering innovation to the consumer to drive growth in challenging trading conditions, and have ensured that our market share positions are either held or grown in our core categories.”

Shares in the company had dropped 17.4p (6.36%) by 0836 GMT to 256.2p.