PZ Cussons shares jumped on Wednesday after the personal care and beauty product group increased its profit expectations for the year to 31 May, capping off a spell of strong and notably broad-based trading.
In a short trading statement, PZ Cussons said it expects like-for-like revenue growth of around 6%, with reported revenue of roughly £540m, helped by growth across all four of its lead markets.
Investors will be pleased to see this translate into higher profits, with adjusted operating profit now seen at or slightly above the top of the previously guided £53-57m range.
That’s a meaningful step up from the £48-53m pencilled in at the start of the year, and reflects both robust trading and a steadier Nigerian Naira.
After years of stuttering growth, PZ Cussons appears to be building momentum.
The group has also made progress on debt. Net debt is expected to come in below £30m, more than £80m lower than a year earlier, largely thanks to the sale of its 50% stake in the PZ Wilmar joint venture.
PZ Cussons shares were 6% higher at the time of writing on Wednesday, extending a 30% rally so far this year.