Pz Cussons (LSE:PZC), the maker of Original Source, Carex and St.Tropez, reported like-for-like revenue growth of 5.8% for the year ended 31 May, driven by price and mix gains of 4.3% and volume growth of 1.5%.
Adjusted operating profit rose 24.5% to £59.5m when stripping out the contribution from the now-sold PZ Wilmar joint venture, helped by £8.5m of cost savings and £5.4m of favourable currency movements in Nigeria. Net debt fell by £87m to £25m, largely reflecting £51.2m of proceeds from the PZ Wilmar disposal, while gross debt has dropped £174.3m over three years.
Adjusted pre-tax profit was up 21.9%, though adjusted earnings per share fell 2.7% on a higher minority interest share from Nigerian growth and a higher effective tax rate.
"We delivered a strong trading performance in FY26, with revenue growth across each of our four lead markets and each of our top ten brands", said chief executive Jonathan Myers.
Growth was broad-based across the group's four lead markets: solid gains in UK washing and bathing brands, innovation-led share gains in Australia and New Zealand, double-digit growth in Nigeria, and continued e-commerce expansion in Indonesia. St.Tropez returned to 6.9% growth in North America following its transition to a partnership with The Emerson Group, though it declined in the UK and Europe.
The board is proposing a 2.8% increase in the full-year dividend, supported by a £12.4m improvement in free cash flow.
Pz Cussons said trading in the new financial year has started in line with expectations, with the board expecting adjusted operating profit in line with current market expectations.
News Intelligence what this means for the company
PZ Cussons delivered adjusted operating profit growth of 24.5% to £59.5m for FY26, driven by 5.8% like-for-like revenue growth across all four lead markets and £8.5m of cost savings, while net debt fell sharply to £25m following the PZ Wilmar disposal. The board's resumption of dividend growth—a 2.8% increase—signals confidence in cash generation and balance sheet strength after three years of £174.3m gross debt reduction.
The profit jump and debt reduction materially strengthen PZ Cussons's financial flexibility, though the 2.7% fall in adjusted EPS—driven by higher minority interest from Nigerian growth and a higher tax rate—shows that bottom-line leverage to headline profit growth is weaker than the operating profit figure suggests. Broad-based revenue growth across all four markets and all top ten brands supports the durability of the trading momentum.
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