Source: Sharecast
Consumer goods company PZ Cussons reported a 10.6% drop in full-year revenue to £527.9m on Wednesday, primarily due to the significant devaluation of the Nigerian naira against sterling.
The FTSE 250 company said profit before tax fell 39.7% to £44.7m for the 12 months ended 31 May, reflecting reduced operating profit and increased interest charges.
Profit before tax slid 29.7% year-on-year on an adjusted basis, to £44.7m.
It said the naira's average value was 57% lower against sterling during the year, substantially impacting earnings and cash flow.
Despite those challenges, the company still achieved like-for-like revenue growth of 4.4%, driven mainly by price adjustments in Nigeria to offset inflation.
Excluding the African market, however, like-for-like revenue declined 2.6%.
Wizz Air continued to rally after on a report that the budget carrier expects 15-20% growth in passenger volume next year. Chief executive Jozsef Varadi said new low-cost routes to the Middle East, such as from Europe to the United Arab Emirates, would add an extra boost.
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