Thursday, October 21, 2021

    PZ Cussons trading weakens over Nigeria's continues unrest

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    Babatunde Akinsola
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    rp_PZ-Cussons.jpgManchester-headquartered company expected to say falling oil prices, a weak currency and tensions with Muslim rebels is hampering trade in the African country

    However, the group said its half-year pre-tax profits to November 30 fell 8.2 per cent to £43.7 million, largely as a result of the range of problems it faces at its key Nigerian market.

    At its half year results in January chairman Richard Harvey said this month’s “presidential elections and potential further currency volatility, will be a key contributing factor to the overall result for the full year.”

    Over the full year HSBC expects pre-tax profit to fall 8.5 per cent to £105.2 million, because even though second half trading has started well, the Nigerian currency, the naira, continues to weaken.

    Across other markets in the second half, HSBC brokers said they expect to see currency pressures ease.

    But they believe Europe faces a tough year-on-year comparison due to a fall in sales after the disposal of Polish Home Care brands, a mixture of detergents and fabric softeners, to German rival Henkel.

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