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PZ Cussons Releases Year-End Results

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PZ Cussons released their final results of the year, ended May 31 2015. Highlights include the following:

  • Revenue and operating profit growth of 2.3% and 2.7% respectively on a like for like basis
  • Australian food brand five:am acquired in August for initial consideration of £44.8 million in cash and performing well
  • Buy-out in April of joint venture partner of Nigerian beverage business for £21 million in cash and performing well
  • Strong balance sheet with net debt at 1.2 x EBITDA following acquisitions
  • Dividend increased 3.1% marking 42nd consecutive year of year on year increases

Africa Highlights

  • Good progress in developing PZ Wilmar joint venture with growth in revenue from £194 million to £225 million

Asia Highlights

  • Recent food and nutrition acquisitions in Australia performing well and mitigating tough trading conditions in Home and Personal Care