Lagos, Nigeria – PZ Cussons Nigeria Plc has announced the appointment of Richard Walker as a Director on its Board, effective February 13, 2025. The appointment is subject to ratification at the company’s next Annual General Meeting (AGM).
The announcement was made in a statement signed by the company’s secretary, ALSEC Nominees Limited, which emphasized Walker’s extensive experience in global finance.
“Richard Walker joined PZ Cussons in January 2022 as the Group Director of Tax and Treasury. He brings over two decades of experience in Treasury, Tax, Capital Markets, and Corporate Finance across various industries,” the statement read. “We are confident that he will contribute significantly to the ongoing strategic direction of the Company.”
Financial Performance and Market Challenges
The appointment comes at a time when PZ Cussons Nigeria is navigating significant financial headwinds. The company recently reported a decline in profits for the past year, largely due to the depreciation of the Nigerian naira.
For the six-month period ending November 30, 2024, PZ Cussons’ revenue fell by 10% to £249 million, while pre-tax profits dropped by 24% to £19.8 million. The sharp decline was attributed to a 55% depreciation of the naira compared to the prior year, which also led to a reduction in earnings per share.
Despite these challenges, recent signs of currency stabilization have provided some optimism for the company’s future. Analysts suggest that if this trend continues, PZ Cussons Nigeria could see improved financial performance in the coming months.
No Update on African Business Sale
The company did not provide any updates regarding its plans to sell its African business, a move initially considered due to ongoing currency-related difficulties. Currently, African operations account for only 25% of the group’s total revenue, a sharp decline from approximately 40% two years ago.
Positive Performance in Other Markets
Despite difficulties in Nigeria, PZ Cussons’ core business remains strong. Like-for-like sales rose by 7.1%, driven by pricing improvements in Africa and growth in the UK and Indonesia.
“With this backdrop, and a somewhat more stable environment in Nigeria in recent months, I believe we are now firmly in the transformation phase of our journey,” said CEO Jonathan Myers.
Following the release of the company’s financial results, PZ Cussons’ share price surged by 11% in early trading on Tuesday.
The UK market recorded its best profit performance in three years, reversing previous declines due to successful product launches, increased retail distribution, and strong Christmas sales from the Sanctuary Spa brand.
Indonesia also posted growth for the third consecutive quarter, while in Australia and New Zealand, PZ Cussons brands gained market share despite a soft overall market environment.
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