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PZ Cussons
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PZ Cussons plc is a major British manufacturer of personal healthcare products and consumer goods. It operates worldwide, especially in nations in Africa, and the Commonwealth. The company is listed on the London Stock Exchange.
Key Information
History
[edit]
Paterson Zochonis (PZ) (1884–1929)
[edit]The company was formed by George Zochonis and George Paterson as a commodity trading business in the Sierra Leone Colony and Protectorate under the name Paterson Zochonis (PZ) in 1884.[2] It expanded its operations into what is now Nigeria before the end of the nineteenth century.[2]
PZ (1929–1951)
[edit]Paterson Zochonis expanded considerably under Constantine Zochonis between 1929 and 1951,[3][4] when as chairman he acquired factories and established offices in Ghana and Kenya.[5] Under the management of C.P. Zochonis, PZ invested in its host countries by opening factories and shops there.[6] In 1948, PZ took over a Nigerian soap manufacturer.[7] "This proved to be a landmark in the company's history, as soap was to become a major part of its trade".[4] However, under the management of C.P. Zochonis, the company allowed colonial attitudes to affect local African peoples.[8][9][10]
PZ and PZ Cussons (1951–2006)
[edit]From 1951, Alexander Loupos, cousin of Constantine Zochonis, took over PZ as chairman. John Zochonis became chairman in the 1970s.[11] Paterson Zochonis continued to expand under John Zochonis,[3][4] It was one of three or four firms which commercially dominated Guinea as a colony before 1958.[5]
The company acquired Cussons Group (founded by Thomas Cussons) from the Cussons family in 1975.[2] Offices and factories were established in Thailand and Indonesia in 1986 and 1988 respectively.[12]
The company bought the state owned Pollena Wroclaw in Poland in 1993, followed in 1995 by Pollena Uroda, and in 2002, Paterson Zochonis plc was renamed PZ Cussons plc.[2] PZ Cussons sold the brand 1001 Carpet Cleaner in February 2004 to the American WD40 Company for £6.2 million.[13] PZ Cussons closed its factory in Nottingham in February 2005 (founded by Gerard Bros.) and relocated the operations to Thailand.[14][15]
PZ (from 2006)
[edit]PZ Cussons announced new plans in August 2006 to move its remaining factory in England from Kersal to Swinton, both in the City of Salford.[16]
PZ Cussons acquired the Sanctuary Spa and Sanctuary products business in January 2008 for £75 million.[17] Alex Kanellis, who had been chief executive officer since June 2006, stepped down from that position in December 2019. The company announced that Jonathan Myers would be the new chief executive officer effective from 1 May 2020.[18]
Operations
[edit]PZ Cussons Group has a marketing presence in Europe, Africa and Asia.[19]
PZ Cussons until recently had factories in Salford, Nigeria, Thailand, Indonesia, Australia, Greece, Kenya, and Poland. The factories in Greece and Poland, together with local commercial operations were sold in the summer of 2012 as part of an initiative to focus on core business.[20]
PZ Cussons' main brand is the Imperial Leather range of soaps, bath and shower and cosmetic products.[21] PZ Cussons operates a joint venture electrical superstore, Haier Thermocool, in Lagos, Nigeria and also operates in Ghana.[22] The largest single market for PZ Cussons is Nigeria. This is served by the subsidiary company PZ Cussons Nigeria Plc, which employs over 3,500 people and is listed on the Nigerian Stock Exchange.[23]
References
[edit]- ^ a b c d "Annual Report 2023" (PDF). PZ Cussons. Retrieved 13 February 2024.
- ^ a b c d "PZ Cussons: Our History". 15 February 2022. Retrieved 15 February 2022.
- ^ a b Jeremy, David J. (1 January 2017). "Zochonis, Sir John Basil". Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/108350. ISBN 978-0-19-861412-8. Retrieved 12 April 2022. (Subscription, Wikipedia Library access or UK public library membership required.)
- ^ a b c "Paterson Zochonis". gracesguide.co.uk. Grace's Guide to British Industrial History. 7 May 2021. Retrieved 12 April 2022.
- ^ a b Thomas O'Toole, Historical Dictionary of Guinea, Scarecrow Press, 1978, p. 55
- ^ Crossan, Mary M. (2000). Strategic Management: a Canadian casebook. Canada: Prentice Hall. p. 167. ISBN 9780130836816. Retrieved 24 May 2022.
- ^ "Paterson, Zochonis & Company Limited". The Times (London, England). No. 52786. Gale. 23 November 1953. p. 13. Retrieved 14 June 2022.
- ^ Plange, Nii-K. (December 1984). "The colonial state of northern Ghana, the political economy of pacification". Review of African Political Economy. 11 (31, Capital vs. Labour in West Africa): 29–43. doi:10.1080/03056248408703598. JSTOR 4005724.
- ^ Heap, Simon (December 1997). "'Jaguda boys': pickpocketing in Ibadan, 1930-60". Urban History. 24 (3): 324–343. doi:10.1017/S0963926800012384. JSTOR 44614007. S2CID 145130577.
- ^ Adebayo, A.G. (1992). "The production and export of hides and skins in colonial and northern Nigeria 1900-1945". The Journal of African History. 33 (2): 273–300. doi:10.1017/S0021853700032242. JSTOR 183002. S2CID 162461665.
- ^ "Sir John Zochonis". Manchester Evening News. 15 February 2007. Archived from the original on 14 April 2022. Retrieved 12 April 2022.
- ^ "Annual Report 2009" (PDF). PZ Cussons. p. 2. Retrieved 18 February 2022.
- ^ Hall, W. (11 February 2004). "Weak dollar slows down PZ Cussons". Financial Times. London.
- ^ "UK Business Park – B2B Sales Leads & Company News". ukbusinesspark.co.uk. Archived from the original on 26 February 2012. Retrieved 31 March 2015.
- ^ "Cussons closes Nottingham plant". The Guardian. London. 9 February 2005. Retrieved 15 April 2022.
- ^ "Soap maker reveals £15m factory plans". Manchester Evening News. 2 August 2006. Retrieved 17 November 2021.
- ^ "Cussons buys Sanctuary Spa brand for £75m". brandrepublic.com. 30 January 2008. Retrieved 17 November 2021.
- ^ Foy, Simon (12 December 2019). "PZ Cussons boss quits after 13 years as profits slide". The Telegraph. London. Retrieved 17 February 2020.
- ^ "PZ Cussons: Our Markets". pzcussons.com. 15 September 2008. Archived from the original on 15 September 2008. Retrieved 17 November 2021.
- ^ "Profits fail to scrub up at PZ Cussons". The Manufacturer. 24 July 2012. Retrieved 10 April 2016.
- ^ Jones S. 17 November 2001, "Bubbly PZ washes hands of some of its imperial past" Financial Times. London. p. 2.
- ^ "UPDATE 2-PZ Cussons boosted by strong trading in Nigeria". Reuters UK. 29 July 2008. Archived from the original on 19 July 2012. Retrieved 31 March 2015.
- ^ "Nigeria". PZ Cussons. Retrieved 11 January 2021.
External links
[edit]
Media related to PZ Cussons at Wikimedia Commons
PZ Cussons
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History
Founding as Paterson Zochonis (1884–1929)
Paterson Zochonis was established in 1884 by George Paterson, an Englishman, and George Zochonis, a merchant of Greek origin, through the formal incorporation in Britain of their West African trading operations.[5][6] The venture traced its origins to a trading post set up in 1879 in the Sierra Leone Colony and Protectorate, where the partners initially operated under the name West African Merchants.[6] From Liverpool, the company coordinated exports of raw commodities—primarily palm oil, palm kernels, cocoa, groundnuts, seed cottons, and animal hides—to the United Kingdom, while importing European manufactured goods such as Manchester cloth for resale in African markets.[5][6] The firm's early success stemmed from its specialized knowledge of West African trade routes and local sourcing networks, enabling efficient bilateral exchange between colonial producers and British industrial demand.[7] In 1899, Paterson Zochonis expanded by opening a subsidiary office in Lagos, Nigeria, which facilitated deeper penetration into the Nigerian commodity markets and strengthened supply chains for palm products and other exports.[5][6] By the 1920s, the company had evolved from pure commodity brokerage into a regional wholesaler and retailer, operating its own market stalls across West Africa to distribute imported goods directly to consumers and bypass intermediaries.[6] This vertical integration enhanced margins and market control, positioning Paterson Zochonis as a foundational player in Anglo-African commerce ahead of broader economic shifts in the interwar period.[2]Expansion and consolidation (1929–1951)
Following the death of co-founder George Zochonis in 1929, his nephew Constantine P. Zochonis assumed the role of chief executive and primary shareholder of Paterson Zochonis, guiding the company through a period of strategic expansion in West African markets while consolidating its trading operations.[7][8] Under his leadership, the firm leveraged its established knowledge of regional commodities such as palm oil and cocoa to deepen penetration in key territories, transitioning from a primarily export-oriented trader to a more integrated wholesaler and retailer.[5] A notable milestone occurred in 1934 with the opening of an office in Ghana (then the Gold Coast, specifically in Tema), which extended the company's footprint beyond its existing branches in Sierra Leone, Nigeria, and Cameroon, enhancing distribution networks for general merchandise.[5][7] This expansion capitalized on growing colonial trade volumes during the interwar years, despite economic challenges like the Great Depression, by focusing on high-demand local goods and building long-term supplier relationships. Consolidation efforts intensified post-World War II, culminating in 1948 with the acquisition of a soap manufacturing facility in Aba, Nigeria, from P.B. Nicholls & Co., which was subsequently renamed Alagbon Industries Ltd.[5][7] This move marked Paterson Zochonis's entry into industrial production, diversifying beyond commodity trading into consumer goods like soap bars, and positioned the company to meet rising local demand for hygiene products amid postwar reconstruction and population growth in West Africa. By 1951, these developments had solidified the firm's operational base, setting the stage for further integration with manufacturing capabilities.[5]Merger with Cussons and global growth (1951–2006)
In 1953, Paterson Zochonis & Company listed on the London Stock Exchange, providing capital for further expansion in trading and manufacturing operations primarily in West Africa.[5][6] The company continued to develop its soap production capabilities, building on the 1948 acquisition of a Nigerian soap manufacturer that marked its entry into local manufacturing.[9] By the late 1960s, Paterson Zochonis diversified into consumer durables, launching manufacturing in Ghana in 1969 to produce refrigerators, freezers, and air conditioners for the African market.[5][6] This period saw steady growth in personal care products, setting the stage for strategic acquisitions to bolster its portfolio. The pivotal merger occurred in 1975 when Paterson Zochonis acquired Cussons Group Ltd., a Manchester-based firm founded by the Cussons family, integrating the iconic Imperial Leather soap brand and enhancing its personal care offerings.[5][6][2] This acquisition expanded production capabilities and market reach in soaps and toiletries, contributing to the eventual rebranding as PZ Cussons in 2002. Post-merger, the company pursued aggressive global expansion through targeted acquisitions and new facilities. In 1976, it acquired Preservene Soap Company in Australia, establishing local manufacturing.[6] Greece followed in 1977 with the purchase of Minerva, an olive oil producer, diversifying into food products.[5] By 1983, a soap factory acquisition in Kenya strengthened East African operations.[5][6] Entry into Asia accelerated in 1986 with the acquisition of Lervia Soap Factory in Thailand, initiating manufacturing there.[5][6] Eastern Europe opened in 1993 via Pollena Wroclaw, a Polish state-owned soap plant, followed by Pollena Uroda in 1995 and a marketing subsidiary in India that year.[5] These moves diversified revenue streams beyond Africa, with personal care brands driving growth. In the early 2000s, PZ Cussons focused on premium brands in developed markets, acquiring Original Source for £11 million in 2003 and Charles Worthington hair care for £25 million in 2004, targeting the UK and US.[5][6] Revenues reached £488 million in 2004, reflecting successful globalization, though strategic shifts included exiting Russia in 2005 and planning UK plant closures to consolidate production in lower-cost regions like Thailand.[5][6]Strategic refocus and modern challenges (2006–present)
In the mid-2000s, PZ Cussons refocused operations to enhance cost efficiency amid competitive pressures in mature markets, closing its Nottingham factory in 2005 with the loss of 160 jobs and transferring soap production to facilities in Thailand and Indonesia.[10] This shift prioritized outsourcing manufacturing to lower-cost regions while preserving brand equity in personal care products like Imperial Leather.[11] The company maintained limited UK production, relocating its remaining Salford facility to Swinton in 2006 to consolidate operations.[12] Building on this efficiency drive, PZ Cussons pursued selective acquisitions to strengthen its beauty and personal care portfolio. In 2010, it acquired the UK self-tanning brand St. Tropez for £62.5 million from private equity firm LDC, positioning the company in the growing premium tanning segment with annual sales exceeding £40 million at the time.[13] Subsequent investments included the 2022 purchase of Childs Farm, a natural baby skincare line, marking the first major acquisition since 2014 and aligning with demand for hypoallergenic products.[14] These moves supported expansion into higher-margin categories, complementing core hygiene brands. From the 2010s onward, the strategy emphasized growth in emerging markets, particularly Nigeria—accounting for over 40% of group turnover—and Asia-Pacific, where robust trading offset UK stagnation.[15] In 2019, PZ Cussons unveiled a refreshed growth framework built on four pillars: focus on select high-potential markets, investment in leading brands to achieve top market shares, development of a world-class supply chain, and cultivation of talent.[16] This approach targeted sustainable value creation amid global volatility, with hygiene products like Carex driving volume gains during heightened consumer awareness of sanitation post-2010s health campaigns. Modern challenges have intensified, primarily from macroeconomic instability in key emerging markets. Nigeria's 70% naira devaluation starting June 2023 triggered £107.5 million in foreign exchange losses for the fiscal year ended May 2024, exacerbating liquidity strains and contributing to a group underlying profit decline to £20.3 million from £39.7 million prior year.[17] Inflation, import restrictions, and regulatory hurdles in Africa compounded these issues, prompting a FY24 loss after tax of £86.1 million.[18] In April 2024, PZ Cussons initiated a portfolio transformation to prioritize competitive strongholds and reduce volatility exposure, including evaluations for partial or full divestment of African operations.[19] Expressions of interest were received for the Nigerian consumer business, though no deal has finalized as of September 2024.[20] Progress included the June 2025 sale of its 50% stake in the Nigerian edible oils joint venture PZ Wilmar to Wilmar International for approximately $70 million, simplifying structure and freeing capital.[21] St. Tropez faced US market declines, prompting a brief 2024 sale process that was halted in June 2025 for a strategic US partnership with Emerson to revitalize distribution.[22] These actions aim to reallocate resources toward stable segments like Europe and North America, where underlying sales grew 5% in FY24 despite overall group revenue contraction.[17]Products and Brands
Personal care and hygiene lines
PZ Cussons maintains a portfolio of personal care and hygiene brands emphasizing hand washing, bathing, and infant skincare, with products distributed across Europe, Africa, and Asia.[4] These lines include hand hygiene solutions, bar soaps, shower gels, and baby-specific formulations designed for mildness and efficacy.[1] Carex stands as the United Kingdom's leading hand wash brand, featuring Original Hand Wash, antibacterial gels, wipes, and moisturizing creams tailored to diverse skin types.[23] Manufactured in the UK, Carex products support hand hygiene initiatives and education efforts globally, caring for millions of users daily.[23] Imperial Leather offers a range of soaps, shower gels, bath creams, and foamburst body washes renowned for their luxurious, long-lasting fragrances handcrafted by perfumers.[24] The brand's Original Classic bar soap, trusted for generations, provides rich lather and cleansing, while recent innovations include the Oud range launched in 2024.[25][26] The Cussons Baby line comprises hypoallergenic, pH-balanced products such as wipes, oils, lotions, bar soaps, and hair & body washes, incorporating natural and organic ingredients dermatologically tested for infant sensitivity.[27][28] Award-winning and recommended by pediatricians, these items prioritize gentle care for newborns and young children.[27] Additional hygiene offerings include Original Source for invigorating shower and bath products, alongside Premier and Morning Fresh soaps providing everyday cleansing solutions.[4] Childs Farm extends the baby care segment with specialized skincare formulated for eczema-prone skin.[3]Household and other consumer goods
PZ Cussons produces a range of household cleaning products, primarily under brands focused on laundry and dishwashing, with significant presence in markets like Australia, Asia-Pacific, and Africa.[29][30] The company's home care portfolio includes Morning Fresh, a dishwashing liquid launched as Australia's leading brand in this category, offering products such as liquids, dishwasher tablets, gels, capsules, and rinse aids designed for effective grease removal and freshness.[29] Similarly, Radiant specializes in laundry detergents with Colour Guard Technology, aimed at protecting and revitalizing fabric colors during repeated washes, targeting consumers seeking durable garment care.[30] In Nigeria, where PZ Cussons maintains substantial operations through its subsidiary, the company manufactures and distributes detergents including Canoe, a laundry soap bar introduced in the 1980s that emphasizes color preservation, fabric softening, and skin care benefits for colored clothing.[31] Canoe and other detergents compete in a market challenged by imported alternatives, leading to strategic adjustments such as divestitures of non-core brands like Ushindi soap in Kenya in 2020 to refocus on higher-margin segments.[32] Beyond cleaning products, PZ Cussons engages in other consumer goods through electrical superstores and home appliances in Nigeria, operating a joint venture under the Haier Thermocool brand for items like refrigerators, air conditioners, and electronics, which form part of its diversified portfolio to leverage local distribution networks.[33] This segment supports the company's presence in fast-moving consumer goods and durables, though it represents a smaller portion of global revenue compared to hygiene lines, with emphasis on supply chain efficiency amid economic pressures in emerging markets.[34]Operations
Geographic markets and presence
PZ Cussons operates primarily in four priority markets—the United Kingdom, Nigeria, Indonesia, and Australia/New Zealand—while maintaining a broader presence across Europe, North America, Asia-Pacific, and Africa. Headquartered in Manchester, United Kingdom, the company employs just under 2,500 people across these regions as of the fiscal year ended May 31, 2025.[1][35] In Africa, Nigeria constitutes the company's largest market by historical revenue contribution, supported by local manufacturing and distribution infrastructure, though operations there were significantly impacted by the naira devaluation in fiscal year 2024, leading to reduced reported group revenue. Additional African presence includes Ghana and Kenya, where revenue is generated alongside distributor-accessed markets.[17][35] In Europe and the Americas, the United Kingdom serves as the operational hub with established consumer goods sales, while North American activities are centered in the United States, contributing to "other" revenue categories.[35][36] In Asia-Pacific, Indonesia and Australia/New Zealand are key growth areas, leveraging local commercial networks and manufacturing capabilities; the company previously operated factories in Thailand to support regional distribution. Like-for-like revenue growth was recorded in this region during the fourth quarter of fiscal year 2024.[3][37]Manufacturing and distribution
PZ Cussons maintains manufacturing operations focused on hygiene, beauty, and baby care products, with principal facilities in the United Kingdom and Nigeria. The Agecroft factory in Manchester, UK, operates as a just-in-time production site, employing over 100 staff including co-located R&D personnel, and achieves an annual capacity of approximately 200 million units, with actual output reaching 140 million units in recent operations. This site, dedicated nearly entirely to the UK market, produces key items such as Carex hand wash at speeds up to 250 bottles per minute for its fastest SKU, relying on raw materials like SLES, betaine, and water, while maintaining only four hours of safety stock.[38] In Nigeria, the Ikorodu facility in Lagos State supports regional production, marking the first site in the country to secure ISO 50001 certification for energy management systems.[39] All PZ Cussons manufacturing sites adhere to ISO 9001 standards for quality management, alongside ISO 14001 for environmental performance and ISO 45001 for occupational health and safety at major locations. The company invests in continuous improvement programs to enhance safety, quality, delivery, employee morale, and cost efficiency across its production capabilities.[39][40] Distribution leverages global supply chain networks to serve markets in Europe, Africa, Asia-Pacific, and beyond, enabling efficient delivery of branded consumer goods. In the UK, Agecroft outputs are handled through third-party logistics provider Great Bear, with 12 full lorry-loads shipped daily alongside six daily bottle deliveries to minimize inventory holding. These operations support the group's core activities in manufacturing and distributing hygiene, baby, and beauty products amid ongoing strategic adjustments, including in-house production expansions for select brands.[38][35]Supply chain practices
PZ Cussons maintains a supply chain focused on ethical sourcing, sustainability, and risk management, with operations spanning raw material procurement, manufacturing, and distribution primarily in the UK, Nigeria, and other African markets. The company emphasizes compliance with its Supplier Code of Conduct, which prohibits forced labor, requires freedom for employees to leave after reasonable notice without deposits or identity retention, and mandates adherence to local labor laws.[41] Supplier sustainability principles further require partners to minimize waste, reduce water consumption, and adopt sustainable sourcing practices, including traceability for key commodities like palm oil.[42] Palm oil, a critical ingredient in products such as soaps and lotions, represents a focal point of PZ Cussons' supply chain efforts, despite the company consuming less than 0.001% of global supply. As a member of the Roundtable on Sustainable Palm Oil (RSPO) since at least 2010, PZ Cussons commits to certified sustainable sourcing and publishes annual progress reports detailing advancements in no-deforestation, no-peat, and no-exploitation (NDPE) policies.[43] [44] In fiscal year 2024 (June 2023 to May 2024), 99% of crude palm oil and palm kernel oil, along with 98% of derivatives, originated from direct suppliers enforcing NDPE standards.[45] The firm partners with the Earthworm Foundation and Starling for independent verification of supply chain compliance, including audits for non-compliance risks.[46] Ethical oversight extends to human rights and modern slavery risks, particularly in African operations where Nigeria constitutes the largest market. PZ Cussons' modern slavery statement underscores supplier accountability for ethical and environmental standards across the chain, with ongoing reviews of risk management processes to enforce compliance.[47] [39] In response to reported supply chain violations, such as potential exploitation linked to palm sourcing, the company has affirmed rigorous monitoring and transformation initiatives, though independent assessments highlight persistent challenges in global palm supply traceability.[45] Distribution networks in Africa and the UK prioritize efficiency, supported by data analytics tools like Microsoft Fabric for harmonizing procurement and logistics data since 2024.[48]Financial Performance
Historical financial trajectory
Paterson Zochonis, the predecessor to PZ Cussons, listed on the London Stock Exchange in 1953 with a valuation of £1 million, marking its transition from a West African trading house to a publicly traded entity focused on commodities and general merchandise distribution.[49] The company's early financial trajectory emphasized volume-based trading revenues in regions like Sierra Leone, Nigeria, and Ghana, with gradual diversification into local manufacturing to reduce import dependencies and capture margins.[5] The 1975 acquisition of Cussons Group Ltd. represented a pivotal financial shift, integrating established personal care brands like Imperial Leather and enabling entry into higher-margin soap and hygiene production, which bolstered profitability amid trading volatility in Africa.[5] Subsequent expansions, including manufacturing facilities in Ghana starting in 1969 and Thailand in 1986, supported revenue growth through localized production and export capabilities, while acquisitions such as Minerva (Greek olive oil) in 1977 and Polish firms Pollena Wroclaw in 1993 and Pollena Uroda in 1995 expanded European footprints and diversified income streams.[5] In the early 2000s, strategic brand purchases—including Original Source for £11 million in 2003 and Charles Worthington for £25 million in 2004—drove further uplift, culminating in group sales of £488 million by fiscal year 2004, reflecting compounded growth from merger synergies and market penetrations in Asia and Eastern Europe.[5][6] This era established a trajectory of mid-single-digit annual revenue increases, underpinned by operational scale, though exposed to currency fluctuations in emerging markets. Post-2006 refocus on core brands sustained expansion until external pressures, such as African economic instability, began eroding margins in the 2010s.[17]Recent results and key metrics (post-2020)
PZ Cussons plc reported group revenue of £603.3 million for the fiscal year ended 31 May 2021, reflecting a 2.7% increase from the prior year amid recovery from COVID-19 disruptions, with organic growth at constant currency reaching 7.1%.[40] Revenue dipped slightly to £592.8 million in FY22, a 1.7% decline, though like-for-like growth was 2.9%, supported by pricing actions offsetting input cost inflation.[36] The company achieved a revenue peak of £656.3 million in FY23, driven by 6.1% like-for-like growth across core categories, before sharp declines in subsequent years due to foreign exchange volatility.[50] Subsequent fiscal years saw revenue contract to £527.9 million in FY24 and £513.8 million in FY25, representing declines of 19.6% and 2.7% respectively on a reported basis, primarily attributable to a 38% devaluation of the Nigerian naira, which reduced translated revenue by approximately £55 million in FY25 alone despite 8.0% like-for-like growth.[17][51] This currency impact highlighted the group's heavy exposure to Nigeria, where local-currency revenue grew robustly but hyperinflation and economic instability necessitated impairments. Adjusted operating profit followed a similar trajectory, peaking at £73.3 million in FY23 before falling to £58.3 million in FY24 and £54.9 million in FY25, with margins compressing to 10.7% amid cost pressures and FX headwinds.[50][51]| Fiscal Year | Revenue (£m) | Adjusted Operating Profit (£m) | Statutory Net Profit/Loss (£m) | Basic EPS (p) |
|---|---|---|---|---|
| FY21 (ended May 2021) | 603.3 | 71.0 | N/A (improved from prior loss) | 10.09 (continuing ops)[40][36] |
| FY22 | 592.8 | 67.9 | 50.2 | 12.02[36] |
| FY23 | 656.3 | 73.3 | 46.4 | 8.70[17] |
| FY24 | 527.9 | 58.3 | -71.8 | -13.60[17] |
| FY25 | 513.8 | 54.9 | -5.2 | -1.38[51] |
Responses to economic pressures
In fiscal year 2024 (ended May 31, 2024), PZ Cussons faced acute economic pressures from the devaluation of the Nigerian Naira, which eroded profitability and triggered a reported operating loss, alongside broader input cost inflation across markets.[37] To preserve liquidity amid these currency-induced losses, the board reduced the interim dividend to 1.50 pence per share, prioritizing balance sheet resilience over shareholder payouts.[52] The company countered inflationary pressures through targeted price increases, particularly in Africa, where like-for-like sales volumes grew despite consumer downtrading and high inflation rates exceeding 30% in Nigeria; this strategy contributed to a 26% surge in African segment revenues during the third quarter of FY24.[53] Over multiple years, PZ Cussons mitigated input cost inflation—driven by raw material and energy price hikes—via supply chain efficiencies and hedging, maintaining gross margins in core personal care categories like soaps and lotions.[35] To address structural vulnerabilities from foreign exchange volatility and regional economic instability, PZ Cussons pursued portfolio simplification, including the divestment of the St. Tropez tanning brand in April 2024 to reduce debt exposure and refocus on higher-margin essentials, while evaluating a potential full exit from African operations beyond Nigeria.[54] In Nigeria, its largest market, the firm restructured funding by enhancing U.S. dollar sourcing, enabling greater cash repatriation to the UK parent, and reducing reliance on volatile local borrowing, which cut net debt by £14.1 million following the partial sale of its Nigerian subsidiary stake in 2025.[55] These measures stabilized costs and supported a return to adjusted operating profit of £54.9 million in FY25, despite ongoing Naira weakness.[56]Governance and Leadership
Executive team and board
PZ Cussons plc's Board of Directors oversees the company's strategic direction, governance, and risk management, comprising executive and non-executive members with expertise in consumer goods, finance, and international operations.[57] The executive team, led by the CEO, handles day-to-day operations across key markets including the UK, Nigeria, and Asia.[58] Key executive directors include Jonathan Myers, who has served as Chief Executive Officer and Director since April 2020, focusing on portfolio optimization and growth in emerging markets.[59] Sarah Pollard acted as Chief Financial Officer and Director from 2021 until her announced departure on September 29, 2025, to join Pets at Home Group plc; no successor has been named as of October 2025, with her exit date pending.[60][61] The non-executive directors provide independent oversight. David Tyler has been Non-Executive Chairman since March 2023, bringing experience from prior roles at companies like Addison Lee and Christie & Co.[62][59]| Name | Role | Appointment Date |
|---|---|---|
| David Tyler | Non-Executive Chairman | March 2023 |
| Jonathan Myers | CEO and Executive Director | April 2020 |
| Sarah Pollard | CFO and Executive Director (departing) | 2021 |
| Vivek Ahuja | Senior Independent Director | September 2024 |
| Kirsty Bashforth | Non-Executive Director | September 2017 |
| Jitesh Sodha | Non-Executive Director | Not specified |