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PZ Cussons’ share price is up 11% this morning despite the company reporting a huge drop in pre-tax profits in its latest half-year results.
The owner of Carex and Imperial Leather saw pre-tax profits fall 24% in the six months to 30 November due to a 55% depreciation in the Nigerian naira.
But there are signs of hope for PZ Cussons with like-for-like sales up 7.1% and the naira enjoying a run of relative stability.
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Morning update
Shoppers are trading down into private label to save money ahead of further anticipated price hikes in the supermarkets, according to the latest industry data out this morning.
Food sales increased by 2.8% year on year in January, ramping up from 1.7% growth in December but well down on the 6.1% recorded in the same month of 2024, the BRC and KPMG reported.
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