Healthcare products maker PZ Cussons has reported a third consecutive year of revenue growth, despite slowdown in the UK, helped by increased brand investment.
For the year ending 31 May 2023, revenue was up 10.7 per cent to £656.3m, on like-for-like growth of 6.1 per cent (+2.9 per cent in 2022). However, operating profit margin slipped by 10bps to 11.2 per cent, although the company said that was in line with forecasts.
PZ Cussons, which owns the Carex and Imperial Leather brands, said the overall growth came despite a 3 per cent decline in the UK washing and bathing category, which saw Carex’s growth decline in the year.
However, the company said early signs for the first quarter of its 2024 financial year were “much improved” on FY23. It also noted that its Sanctuary Spa, Original Source, and St Tropez brands all registered growth in the last fiscal year, despite challenging category conditions.
CEO Jonathan Myers said the company continues to work on understanding “changing consumer needs” and is determined to offer the “best possible value” for its customers. He said PZ Cussons will continue to introduce new product lines.
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