17 September 2025

RESULTS FOR THE YEAR ENDED 31 MAY 2025

 

Continued progress against strategy

Focused on driving operational performance and transforming the business

 

Jonathan Myers, Chief Executive Officer, said: "FY25 has been a year of continued progress against our strategy. We have delivered good momentum across most of our portfolio, driven by our renewed focus on more competitive brand activation, strengthened innovation and successful commercial partnerships. At the same time, we have taken action to address our cost base, as we embed our new operating model. The UK saw a stronger profit performance, while Indonesia has seen its fifth consecutive quarter of revenue growth, and we continued to gain share in ANZ.

 

We are also delivering on the plan to simplify and transform our business. In June we announced the sale of our 50% stake in PZ Wilmar, for $70 million, materially strengthening our financial position. We also took the decision to retain St.Tropez, to create more value through a new strategic direction and operating model. We continue to review the future of our wider African business.

 

We know there is more to do to fully transform PZ Cussons into a business with stronger brands in a more focused portfolio, delivering sustainable, profitable growth. With the strategic actions and operational improvements delivered through 2025, we are confident in the long-term potential for PZ Cussons."

 

£m unless otherwise stated	Adjusted			Statutory
	FY25	FY24	variance	FY25	FY24	variance
Revenue	513.8	527.9	(2.7)%	513.8	527.9	(2.7)%
LFL revenue growth (LFL)	8.0%	4.4%
Operating profit/(loss)	54.9	58.3	(5.8)%	20.6	(83.7)	n.m.
Operating margin	10.7%	11.0%	(30)bps	4.0%	(15.9)%	n.m.
Profit/(loss) before tax	41.1	44.7	(8.1)%	6.5	(95.9)	n.m.
Basic earnings/(loss) per share	7.34p	8.02p	(8.5)%	(1.38)p	(13.60)p	n.m.
Dividend per share				3.60p	3.60p	0.0%
Operating profit/(loss) (excluding Wilmar joint venture)	47.8	47.6	0.4%	2.6	(91.0)	n.m.
Operating margin	9.3%	9.0%	30bps	5.1%	(17.2)%	n.m.

 

See page 13 for definitions of key terms and page 14 for the reconciliation between Alternative Performance Measures and Statutory results.

'n.m.' represents non-meaningful growth rates.

With the exception of LFL revenue growth, % changes are shown at actual FX rates.

 

 

Summary

Financial results

 

·    LFL revenue growth of 8.0% driven by pricing in Africa and strong brand activity in UK and Indonesia

o  Excluding Africa, LFL revenue growth was 0.3% with volume growth of 0.7%.

·    Reported revenue declined 2.7% due to the adverse impact of foreign exchange movements.

·    Gross debt reduction from £166.6 million to £157.1 million with FY25 free cash flow of £42.3 million, an improvement on the comparative period driven by favourable working capital movements. Leverage will reduce further following the completion of the sale of the 50% stake in the PZ Wilmar joint venture.

·    Adjusted operating profit margin reduced by 30bps, to 10.7%, but grew 30bps excluding PZ Wilmar, the sale of which was announced in June 2025, supported by a reduction in Group overheads.

·   Adjusted profit before tax declined by 8.1%, reflecting the 5.8% reduction in adjusted operating profit, resulting in an 8.5% reduction in EPS.

 

Delivery against the strategy

 

Progress against the three key priorities established for FY25 is as follows:

 

1.    Drive our businesses in the UK, Indonesia and ANZ

 

·    UK: stronger profit performance with better innovation and commercial execution

o  Strong execution of seasonal gifting across our brands, contributing an additional c.£3 million to revenue growth;

o  Distribution points increased by 3% driven by Original Source and Sanctuary Spa[1];

o  Successful New Product Development (NPD), including Original Source 2in1 foam and Imperial Leather: Ultimate moisture;

o Expanded partnerships with Intellectual Property owners, including Carex and Childs Farm collaborations with Gruffalo and Bluey, respectively  

·    Indonesia: accelerated revenue growth, and well placed to take share in a structurally attractive market

o  Fifth consecutive quarter of revenue growth, with a doubling of eCommerce revenue (now 8% of total revenue) and further growth in our Telon warming oil innovation, supported by the initial phase of the re-launch of Cussons Baby

·    ANZ: brand strength delivering market share gains

o  Continued market share gains in Morning Fresh, Rafferty's Garden and Radiant against a difficult consumer backdrop.

 

2.    Strengthen our brand-building capabilities and embed our new operating model

 

·   Reduction in Group overheads, including the integration of UK Personal Care and UK Beauty businesses delivering annualised savings of c.£3 million, funding investment in capabilities and brand-building activity

·    Organisational changes put in place during FY24 to strengthen Group-wide brand building capabilities are enabling more competitive brand activation and strengthening our multi-year innovation pipeline:

o  Centralised R&D function, reporting to the Chief Marketing Officer, to improve end-to-end innovation planning and development

o  Significant FY26 launches planned for Cussons Baby (Indonesia), Original Source (UK) and Morning Fresh (Australia);

o  Refreshed brand-building framework being rolled-out across the business to co-ordinate and systemise activity.    

·    Further progress on Childs Farm integration, with the majority of manufacturing now in-house.

 

 

3.    Deliver the portfolio transformation to maximise shareholder value

 

·    Announced in June 2025 the sale of our 50% stake in the PZ Wilmar joint venture for $70 million which will  significantly reduce debt and improve key credit and bank covenant metrics. Transaction remains on track to complete in the last quarter of calendar 2025, subject to relevant approvals;

·    Announcement in June 2025 to retain the St.Tropez brand with a new strategic direction and operating model including the formation of a partnership with The Emerson Group, a leading US-based distributor, to return the brand to growth in the US;

·    We continue to review the future of our wider African business.

 

Dividend

 

The Board is proposing a final dividend of 2.10p per share, in line with last year's payment. The dividend will be paid on 27 November 2025 to shareholders on the register at the close of business on 31 October 2025.

 

Current trading and guidance

 

Current trading

Trading in FY26 has been in line with our expectations, with Group LFL revenue growth to the end of September expected to be 10% driven by growth of 39% in Africa and 7% in APAC. This growth has been partly offset by Europe and Americas which is expected to decline 2% reflecting strong comparatives and challenging trading in St.Tropez. The region is expected to be in growth in H1.

 

Guidance

 

Key guidance items for FY26 are as follows:

 

·    Adjusted operating profit: £48-53 million, excluding the profit contribution from PZ Wilmar[2].

·  Cost savings: Adjusted operating profit guidance includes £5-10 million in-year savings. A significant portion of these savings will be re-invested into marketing investment and brand-building capabilities subject to clear return criteria.

·    Net debt: expected to reduce significantly from the £112.0 million reported for FY25, reflecting:

o  Cash proceeds of c.£47 million from the sale of the Group's 50% stake in PZ Wilmar.

o  Cash proceeds of c.£15-20 million from the sale of non-operating surplus assets of which c.£8 million has been received to date.

 

 

 

 

 

For further information please contact:

Investors            

Simon Whittington - IR and Corporate Development Director      +44 (0) 77 1137 2928

 

Media

Headland PZCussons@headlandconsultancy.com                           +44 (0) 20 3805 4822

Susanna Voyle, Stephen Malthouse and Charlie Twigg

 

Investor and Analyst conference call

PZ Cussons' management will host a virtual audiocast presentation for analysts and institutional investors at 8.30am UK time to present the results and provide the opportunity for Q&A. Details of the presentation are as follows:

 

A webcast of the presentation is available at the link below and will also be available via our corporate website: www.pzcussons.com.

 

Audience Webcast link:

https://www.netroadshow.com/events/login/LE9zwo3jGKJoKQT1F3XVt1CA7Sw7XrlPyWz.

Operator Assisted Dial-In:

Dial in: +44 20 3936 2999 / +44 808 189 0158

Access Code: 166496

 

Notes to Editors

 

About PZ Cussons

PZ Cussons is a listed consumer goods business headquartered in Manchester, UK. We employ just under 2,500 people across our operations in Europe, North America, Asia-Pacific and Africa. Since our founding in 1884, we have been creating products to delight, care for and nourish consumers. Across our core categories of Hygiene, Baby and Beauty, our trusted and well-loved brands include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa and St.Tropez. Sustainability and the wellbeing of our employees and communities everywhere are at the heart of our business model and strategy, and captured by our purpose: For everyone, for life, for good.

 

Cautionary note regarding forward-looking statements

This announcement contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand, along with risks associated with macroeconomic, political and social factors in the markets in which we operate. While we believe that the expectations reflected herein are reasonable based on the information we have as of the date of this announcement, actual outcomes may vary significantly owing to factors outside the control of the PZ Cussons Group, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. The PZ Cussons Group expressly disclaims any obligation to revise forward-looking statements made in this or other announcements to reflect changes in our expectations or circumstances. No reliance may be placed on the forward-looking statements contained within this announcement.

GROUP REVIEW

Introduction from our Chief Executive Officer

 

PZ Cussons is now firmly in the transformation phase of its journey - reshaping itself into a more focused, competitive and resilient business. Our strategy remains centred on the core categories of Hygiene, Baby and Beauty and we continue to invest in building brands, while simplifying our operations and creating a future-fit organisation.

 

FY25 has been a year of continued progress against our strategy. The UK business has delivered a stronger profit performance, supported by successful innovation, improved execution and strong retail partnerships. Indonesia has now recorded a fifth consecutive quarter of revenue growth, and ANZ continues to gain market share in each of its main brands, despite a softer consumer backdrop.

 

Across the Group, we are also seeing the benefits of our new operating model. Funded by a reduction in Group overheads, this is enabling more competitive brand activation and a clearer, more robust innovation pipeline. Major launches such as the Carex campaign in Africa, or the Childs Farm re-stage in the UK are early markers of success. Furthermore, we see continued opportunity to replicate the success enjoyed so far with our partnerships with third-party owners of Intellectual Property (IP), such as Bluey or Gruffalo, with which a number of our brands share a target consumer.

 

In Nigeria, while the macro-economic environment remains challenging, the Naira (the Nigerian currency) has shown greater stability in recent months. Our operational interventions have helped sustain trading momentum and the business is now self-sufficient in US Dollar funding. Firstly, we repatriated all surplus cash to pay down UK borrowings, and subsequently we reduced a number of intercompany liabilities. As a result, our exposure to future shocks has been greatly reduced.

 

Furthermore, shortly following the end of the financial year, we announced the sale of our 50% stake in the PZ Wilmar edible oils joint venture. This sees us exit a non-core category, reduce the risk associated with our presence in Nigeria, and materially strengthens our balance sheet. We also announced in June the decision to retain St.Tropez. This ended the auction process that we had been conducting which had been made challenging by the significant reduction in revenue and profitability of the brand throughout the year. We are however confident in the new direction that has been set for the brand, with a renewed operating model built around a focused and incentivised team with the brand leader reporting directly to me, and a re-set of our 'go to market' capabilities in the US aided by our strategic partnership with The Emerson Group - a leading, US-based partner to brand owners.

 

The strategic review of our wider Africa business is ongoing. This comprises our Family Care businesses in Nigeria, Ghana and Kenya, and our Electricals business in Nigeria. We remain committed to maximising long-term shareholder value and will provide an update as appropriate.    

 

Finally, in a year of significant organisational change and uncertainty for many of our employees, I am particularly pleased to be able to report an employee engagement score of 74%. This represents an increase from 73% in FY24, and compares favourably to an industry benchmark of 71%.

 

We know there is more to do to fully transform PZ Cussons, but with the strategic actions and operational improvements delivered through 2025, we are confident in the long-term potential for the Group. On behalf of the Board, I would like to thank our teams across the world for their continued energy and commitment, and our partners and customers for their ongoing support.

 

Delivering against FY25 strategic priorities

 

Progress against the three key priorities established for FY25 is as follows:

 

1.    Drive our businesses in the UK, Indonesia and ANZ

 

In the UK, we delivered a stronger profit performance with better innovation and commercial execution. Improved executions around gifting occasions across Christmas 2024, Mother's Day and Valentine's Day contributed an additional c.£3 million of revenue in the year. Distribution of our brands continued to expand, with successful launches for Sanctuary Spa in Tesco, Waitrose and Asda, while Carex and Imperial Leather gained in the wholesale and discounter channels. Childs Farm saw distribution expand further, supported by the launch of a strategic partnership with Bluey and BBC Studios, enhancing brand visibility and consumer engagement. Product development included the Original Source 2in1 foam product while Carex replicated the success of its Gruffalo product with an expansion of its partnership with Magic Light Pictures to use Zog on products.

 

In Indonesia, the business recorded its fifth consecutive quarter of revenue growth. We see continued growth following the launch in FY24 of Cussons Baby into the warming oil segment - a very large and important part of the wider Baby Care category in which the brand has not historically been present. Driven by a successful '360' marketing campaign, involving TV, digital media and shopper trials, and with distribution now reaching over 150,000 outlets, brand penetration has reached 9% compared to 2% as at the end of FY24. More broadly, we see continued growth in e-commerce which doubled in FY25 to represent now approximately 8% of the total business.

 

In ANZ, we delivered further market share gains across Morning Fresh, Radiant, and Rafferty's Garden. Radiant became the third-largest laundry brand in Australia, underpinned by the successful launch of capsule innovation. Morning Fresh retained its leadership position with approximately 50% category share, while Rafferty's Garden continued to hold the number 1 position in baby food.

 

2.    Strengthen our brand-building capabilities and embed our new operating model

 

During the year we completed the integration of our UK Personal Care and Beauty businesses. This has delivered c.£3 million in annualised savings, enabling faster, more consistent execution across commercial and operational activities and was a primary driver of the reduction in Group-wide overheads.

 

As part of our new operating model, during FY25, we began the roll out of a renewed Marketing and R&D 'flywheel' to all business units. With renewed clarity and consistency on our brand-building tools and frameworks, we expect to drive more consistent and impactful brand-building across our portfolio. In the second half of the year, we launched a re-stage of Childs Farm generating strong consumer engagement. This has reinforced the strength of our brand equity and we expect this to benefit performance into FY26. Other innovations for FY26 are set to include Cussons Baby in Indonesia, Original Source in the UK, and Morning Fresh in ANZ.

 

We are now in the final stages of integrating Childs Farm into the business. The majority of manufacturing now takes place in-house and the day-to-day running of the brand is led solely by our UK team, allowing us to consolidate the number of points of interaction with suppliers and customers.

 

3. Deliver the portfolio transformation to maximise shareholder value

 

We announced in April 2024 our intention to refocus the PZ Cussons portfolio on where the business can be most competitive and where it can create most value for shareholders.

 

In June 2025, we announced the sale of our 50% stake in the PZ Wilmar edible oils joint venture for $70 million, to the joint venture partner, Wilmar International Limited. The transaction, once complete, will see us exit a non-core category, simplify our portfolio, and significantly reduce our financial leverage.

 

During the year, the Group ran a competitive auction process which sought to sell the St.Tropez brand. After careful evaluation of the offers received, the Board announced in June 2025 its intention to retain St.Tropez and set a new strategic direction for the brand. The plan sees us establish a focused team to lead the St.Tropez brand across the Group's international footprint, incentivised against the identified value drivers of the business: winning in-market execution including digital activation, re-igniting innovation and rejuvenating the brand's equity. A critical component of the plan includes the formation of a strategic partnership with The Emerson Group (Emerson). Emerson is a leading, US-based partner to brand owners and will provide customer management, logistics services and brand activation in the US. St.Tropez will be integrated into Emerson's dedicated selling teams to key US retailers - an arrangement which builds on PZ Cussons' existing relationship with Emerson as the distributor of Childs Farm in the US. We are confident that this partnership will return St.Tropez to growth in the US, combining Emerson's distribution reach and brand activation capabilities with the brand equity of St.Tropez.

 

Growing sustainably

 

We continue to make strong progress in embedding sustainability across our operations, brands and culture. In FY25, we delivered a step-change in our environmental performance, exceeding our near-term targets and reinforcing our commitment to long-term responsible growth.

 

·    We achieved carbon neutrality across our global operations, including Africa, in line with our 2025 target;

·   We reported a 31% reduction in Scope 1, 2 and 3 compared to our 2021 baseline, supporting our ambition to reach net zero across all scopes by 2045;

·   Virgin plastic intensity was reduced by 12.5% compared to our 2021 baseline, continuing our trajectory toward a one-third reduction by 2030;

·    86.1% of our packaging is now recyclable, reusable or compostable, up from 85.6% in FY24;

·    We achieved an 88% reduction in waste to landfill compared to our FY21 baseline, with our UK operations maintaining zero waste to landfill;

·    Water consumption per tonne of finished product was reduced by 29% compared to our FY21 baseline.

 

 

 

 

FINANCIAL REVIEW

Overview of Group financial performance

Reported financial performance in FY25 was mixed, with strong results across most of our portfolio offset by a significant decline in St.Tropez profitability, and the impact of the weaker Nigerian Naira compared to the prior year. Our PZ Wilmar joint venture, the sale of which we announced in June 2025, saw its contribution to Group adjusted operating profit reduce compared to FY24. Excluding the contribution from PZ Wilmar, FY25 Group operating profit and margin would have increased. Building on the progress made during FY24, we have continued to strengthen our resilience to movements in the Nigerian Naira rate, reducing our local foreign exchange exposure via optimising cash balances held and reducing liabilities held in US Dollars.

 

Group revenue declined by 2.7% with 8.0% like for like (LFL) revenue growth offset by weaker FX. While the Nigeria Naira was relatively stable throughout the year, it was on average 38% weaker when compared to FY24. LFL revenue growth reflected price/mix growth of 7.2% with multiple price increases throughout the year in Nigeria driving price improvement to offset double-digit inflation. Excluding Africa, LFL revenue growth was 0.3%, with price/mix decline of 0.4% and volume growth of 0.7%.

 

Adjusted operating margin declined by 30bps, with an improvement in gross margin, based on actual FX, and reduced overheads offset by increased marketing spend and a reduction in contribution from PZ Wilmar. On a statutory basis, operating profit was £20.6 million compared to a loss of £83.7 million in the prior year which included a FX loss of £107.5 million, which arose primarily on the translation and settlement of USD-denominated liabilities in our Nigerian subsidiaries following the Naira devaluation.

 

Free cash flow was £42.3 million compared to £41.6 million in the prior year, due to good control of working capital. Net debt at 31 May 2025 was £112.0 million, £3.3 million lower than its level twelve months prior. Net debt/EBITDA was 1.7x (FY24: 1.5x).

 

Performance by geography

 

Europe and the Americas

 

£m unless otherwise stated	FY25	FY24	Growth/ (decline)
Revenue	199.4	200.7	(0.6)%
LFL revenue growth (%)	0.6%[3]	(1.9)%	n/a
Adjusted operating profit	36.8	32.6	12.9%
Margin (%)	18.5%	16.2%	+230bps
Operating profit	50.9	0.7	n.m.
Margin (%)	25.5%	0.3%	+2,520bps

 

Revenue grew 0.6% on a like for like basis, with overall price/mix growth of 0.7% and volume decline of 0.1%. Growth in our UK personal care brands was more than offset by St.Tropez and declines in a number of our tail brands where we have sought to simplify our product portfolio.

 

The UK washing and bathing category grew 3% in value terms with our brands largely holding market share within their respective sub-categories. Sanctury Spa grew strongly, driven by further expansion of our gifting ranges, with seasonal gifting during the Christmas, Valentine's and Mother's Day periods growing double-digits. Imperial Leather saw the full-year benefit of its new packaging as well as a launch of a new range, Ultimate Moisture, in H2 FY25. Carex revenue grew for the second consecutive year, driven by an extension of the Gruffalo products to include Zog while taking share in the core hand gel segment. Childs Farm delivered continued revenue growth as it also benefited from an IP partnership with another popular children's TV character, Bluey.

 

St.Tropez revenue declined double-digits reflecting a soft category in the US and a number of shelf-space reductions in key US customers as a result of a reduced New Product Development (NPD) offering. Revenue also declined in a number of our tail brands as we sought to simplify the portfolio - including a reduction in number of SKUs of Charles Worthington.

 

Operating profit was impacted by the introduction in the UK of the new Extended Producer Responsibility (EPR) tax of c.£3 million - an annual cost to the business which we will seek to mitigate over time through, among other things, the review of our entire packaging portfolio in the UK. Despite this, adjusted operating profit grew by £4.2 million with a margin increase of 230bps. This was driven predominantly by overheads reductions in the UK business reflecting the full-year impact of the integration of the Personal Care and Beauty businesses as well as ongoing RGM and margin improvement activity leading to modest increases in gross margin. Childs Farm profitability also continued to improve.

 

Statutory operating profit was £50.9 million. The increase from operating profit of £0.7 million in FY24 relates primarily to a Sanctuary Spa impairment write back of £16.5 million, compared to an impairment charge of £24.4 million in the prior period. Costs associated with transformation projects also reduced compared to FY24.   

 

Asia Pacific

 

£m unless otherwise stated	FY25	FY24	Growth / (decline)
Revenue	173.5	175.2	(1.0)%
LFL revenue growth (%)	(0.1)%[4]	(3.4)%	n/a
Adjusted operating profit	25.2	28.0	(10.0)%
Margin (%)	14.5%	16.0%	(150)bps
Operating profit	25.1	27.0	(7.0)%
Margin (%)	14.5%	15.4%	(90)bps

 

LFL revenue decline of 0.1%  was driven by price/mix decline of 1.9% and volume growth of 1.8%. This was offset by the depreciation in the Indonesian Rupiah and Australian Dollar resulting in a 1.0% decline in reported revenue.

 

Indonesia revenue grew strongly, with all major Cussons Baby segments driving volume-led growth. Market share declined slightly reflecting ongoing competition in the market, but the brand retained its leading position in most of the sub-categories in which it plays.

 

In ANZ, revenue declined slightly despite good market share growth across all three of our major brands. Morning Fresh revenue declined reflecting a reduction in the underlying category. Our laundry brand Radiant delivered modest revenue growth, continuing to gain market share with improved overall price/mix as a result of its capsules product innovation. Rafferty's Garden revenue declined but out-performed the category which saw mid-single-digits decline.

 

Adjusted operating profit reduced by £2.8 million with a margin decline of 150bps. Our Indonesia and ANZ businesses both grew profitability, with improvements in gross margin and overheads. However, this was offset by a reduction in profitability in a number of our smaller Asian markets reflecting increased sea freight and input costs, as well as lower profits in our business supplying soap noodles to third parties reflecting favourable input cost movements in the prior year. On a statutory basis, margin declined by 90bps, reflecting the non-recurrence of certain adjusting items related to simplification and transformation projects.

 

 

 Africa

 

£m unless otherwise stated	FY25	FY24	Growth / (decline)
Revenue	140.9	151.7	(7.1)%
LFL revenue growth (%)	34.9%	26.5%	n/a
Adjusted operating profit	23.4	30.3	(22.8)%
Margin (%)	16.6%	20.0%	(340)bps
Operating profit/(loss)	18.9	(50.7)	n.m.
Margin (%)	13.4%	(33.4)%	n.m.
Adjusting operating profit ex. share of results of joint venture	16.3	19.6	(16.8)%
Margin (%)	11.6%	12.9%	(130)bps

 

On a statutory basis, revenue declined by 7.1% due to the 38% depreciation in the Naira compared to FY24. This depreciation largely reflects the full-year effect of the currency movements during FY24 as the currency has been more stable during FY25. LFL revenue growth of 34.9% was pricing-driven and reflects nearly 20 rounds of price increases over the last year, necessitated by Nigerian inflation remaining elevated at over 30% for much of the year. While volumes declined 12% following the pricing action taken, this was mitigated by further route-to-market improvements, with 200,000 stores now reached compared to 151,000 at the end of FY24 and 95,000 at the end of FY23. Our 'Perfect Store' program focused on delivering a superior shopping experience to consumers has grown from 5,000 stores in FY24 to 10,000 stores in FY25 further mitigating volume decline.

 

Each of our largest brands in Nigeria delivered double-digit, pricing-led, revenue growth, with Stella - a long-lasting moisturising jelly and now our largest brand in Nigeria - particularly strong due to the continued focus on extending typical purchase period beyond the dry season, known as Harmattan season, which occurs between November and January. Despite the significant price increases, we have held our market share position in most categories. Gross margins improved across each of our brands, reflecting continued price increases and the impact of our efforts to drive favourable product mix within brands.     

 

Elsewhere, Kenya delivered good, volume-led growth driven by strong Modern Trade performance while Ghana saw strong double-digit LFL revenue growth with improvements in both pricing and volumes.

 

Revenue in our Electricals business grew 33.2% on a LFL basis, contributing revenue of £47.0 million. Gross margins improved as we were able to take price increases in a sustainable manner to offset cost inflation.

 

The PZ Wilmar joint venture contributed £7.1 million to adjusted operating profit - a decline from £10.7 million in FY24 reflecting the depreciation of the Naira.

 

Adjusted operating profit margin declined by 340bps. This was driven by a reduction in contribution from the PZ Wilmar joint venture, as well as the inclusion in FY24 of a £8.9 million credit from some intra-group debt forgiveness. Excluding these two items, adjusted operating profit increased by £5.6 million and the margin increased by 450bps.

 

On a statutory basis, operating profit was £18.9 million. This compared to a loss of £50.7 million in FY24 which was driven by the increased value of trade and loan liabilities denominated in US Dollars following the devaluation of the Naira. The greater stability in the currency throughout FY25, combined with actions to reduce intra-group and third-party liabilities denominated in non-local currency, has meant that FX revaluation has had a significantly lower impact on our African performance compared to FY24.

 

Central

 

£m unless otherwise stated	FY25	FY24	Growth / (decline)
Adjusted operating loss	(30.5)	(32.6)	(6.4)%
Operating loss	(74.3)	(60.7)	22.4%

 

Central costs declined by £2.1 million to £30.5 million. FY24 however included a £8.9 million one-off charge related to debt forgiveness in our Africa business. Adjusting for this, central costs increased by £6.8 million, the majority of which relate to a number of costs attributable to business units being recorded centrally. On a statutory basis, central costs increased, primarily due to the impairment charge of £35.3 million relating to the Beauty group of CGU's goodwill offset by the non-recurrence of the FX loss in FY24 associated with the Naira devaluation.

 

Other financial items

Adjusted operating profit

Adjusted operating profit for the Group was £54.9 million, a decrease of £3.4 million from £58.3 million in the prior period. Adjusted operating profit margin decreased by 30bps to 10.7% but grew 30bps excluding the contribution from the PZ Wilmar joint venture which was equity-accounted until it was classified as an asset held for sale at 31 May 2025. A reduction in depreciation and amortisation charge was driven partly by an extension of the useful economic life of the Group's SAP software.  

 

Adjusting items

Adjusting items in the year totalled a net expense of £34.6 million before tax. This comprised primarily a £18.8 million net impairment charge and £8.7 million costs associated with our ongoing transformation programme.

 

After accounting for adjusting items, the Group's statutory operating profit was £20.6 million compared to a statutory operating loss of £83.7 million in the prior year. The devaluation of the Nigerian Naira had a significant impact on our financial results in the prior year with the Group reporting a foreign exchange loss of £107.5 million.

 

Net finance expense

Adjusted net finance costs in the period were £13.8 million compared to a charge of £13.4 million in the prior period with a reduction in both finance income and finance expense as cash previously held in Nigeria was repatriated and used to pay down gross borrowings in the UK.

 

Taxation

The tax charge in the period was £11.7 million. This compares to a credit of £24.1 million in FY24 which reflected the material impact of statutory FX losses suffered in Nigeria during FY24. The effective tax rate (ETR) on adjusted profit before tax increased to 21.9% from 14.5% in FY24 due primarily to the impact of FX losses and associated deferred tax assets impacting FY24.

 

Earnings per share

Adjusted basic earnings per share was 7.34p compared to 8.02p in the prior year. The statutory loss for the year was £5.2 million, compared to a loss of £71.8 million in the prior year. Basic loss per share on a statutory basis was 1.38p compared to basic loss per share of 13.60p in the prior year.

 

Balance sheet and cash flow

Net debt as at 31 May 2025 was £112.0 million compared to £115.3 million at 31 May 2024. The Group continues to have no excess cash held in Naira following the repatriation of cash to the UK during FY24.

 

£m unless otherwise stated		FY25	FY24
Total cash		45.1	51.3
Of which Naira		13.1	17.2
Gross debt		157.1	166.6
Net debt		112.0	115.3
Balance sheet rates (NGN/GBP):		2,136	1,893

Total free cash flow was £42.3 million compared to £41.6 million in the prior period. The increase reflects primarily an improvement in working capital movements offset by lower adjusted EBITDA.

 

£m unless otherwise stated		FY25	FY24
Adjusted EBITDA		66.5	75.9
Cash flow impact of adjusting items4		(14.0)	(12.1)
Working capital movement[5]		2.3	(9.4)
Capital expenditure		(6.9)	(6.1)
Share of results of joint venture		(7.1)	(10.7)
Other		1.5	4.0
Free cash flow		42.3	41.6

 

Net assets decreased to £213.5 million compared to £235.2 million at 31 May 2024 primarily due to the impairment charge of £35.3 million relating to the goodwill of the Beauty group of cash generating units (CGUs).

 

The Group has a £325.0 million committed credit facility which is available for general corporate purposes. The credit facility incorporates both a term loan, of up to £125.0 million, with the balance as a revolving credit facility (RCF) structure. Entered into in November 2022, the term loan is a two-year facility and the RCF a four-year facility, with both facilities retaining two, one-year extension options. The first option for both RCF and term loan was executed in October 2023 and the second term loan extension was executed in March 2025 reducing to £70.0 million from 8 November 2026.  As at 31 May 2025, the headroom on the committed facility was £167.5 million compared to £164.0 million at 31 May 2024.

 

Foreign exchange

The general appreciation of Sterling against our other currencies, and in particularly the devaluation of the Nigerian Naira, resulted in a £55.0 million reduction to FY24 revenue as set out below.

 

	% of FY25	Average FX rates			Revenue impact
	revenue	FY25	FY24	% change	(£m)
GBP	35%	1.00	1.00	-	-
NGN (Nigeria)	21%	2,015	1,257	(38)%	(47.4)
AUD (Australia)	16%	1.99	1.92	(4)%	(3.1)
IDR (Indonesia)	13%	20,742	19,550	(6)%	(3.7)
USD (USA)	3%	1.29	1.26	(2)%	(0.5)
Other	12%	-	-		(0.3)
Total[6]	100%	-	-		(55.0)

 

The rates of the Nigerian Naira used in recent reporting periods are summarised below.

 

NGN/GBP		FY23	FY24	FY25
Rate used for P&L		536	1,257	2,015
Rate used for balance sheet		577	1,893	2,136

 

 

 

Glossary

 

Term	Definition
ANZ	Australia and New Zealand
APAC	Asia-Pacific region
APM	Alternative performance measure
BEST values	Our PZ Cussons values (Bold, Energetic, Striving and Together)
CGU	Cash generating unit
EBITDA	Earnings before interest, taxes, depreciation and amortisation
Employee wellbeing	% score based upon a set of questions within our annual survey of employees
EPS	Earnings per share
ETR	Effective tax rate
Family Care	Refers to our Hygiene, Baby and Beauty brands in Nigeria and Africa
Free cash flow	Cash generated from operations less capital expenditure
Free cash flow conversion	Free cash flow as a % of adjusted EBITDA from continuing operations
JV	Joint venture
Like for like (LFL) revenue growth	Growth on the prior year at constant currency, excluding unbranded sales and the impact of disposals and acquisitions, and adjusting for the number of reporting days in the period
Net debt	Cash, short-term deposits and current asset investments, less bank overdrafts and borrowings. Excludes IFRS 16 lease liabilities
n.m.	Represents non-meaningful growth rates
Personal Care	Refers to our UK business unit operating our Hygiene brands such as Carex, Original Source and Imperial Leather
Price/mix	The effect of pricing, promotional and mix activity on revenue.
Revenue Growth Management (RGM)	Maximising revenue through ensuring optimised price points across customers and channels and across different product sizes
SKUs	Stock keeping units

 

 

 

Alternative Performance Measures

The Group's business performance is assessed using a number of Alternative Performance Measures (APMs). These APMs include adjusted profitability measures where results are presented excluding separately disclosed items (referred to as adjusting items) as we believe this provides both management and investors with useful additional information about the Group's performance and supports a more effective comparison of the Group's trading performance from one period to the next.

Like for like (LFL) revenue growth represents the growth on the prior year at constant currency, excluding unbranded sales and the impact of disposals and acquisitions, and adjusting for the number of reporting days in the period.

Adjusted Consolidated Income Statement

	2025			2024
	Business performance excluding adjusting items	Adjusting items	Statutory results	Business performance excluding adjusting items	Adjusting items	Statutory results
	£m	£m	£m	£m	£m	£m
Revenue	513.8	-	513.8	527.9	-	527.9
Cost of sales	(307.0)	-	(307.0)	(317.8)	(79.0)	(396.8)
Gross profit	206.8	-	206.8	210.1	(79.0)	131.1
Selling and distribution expense	(85.4)	-	(85.4)	(82.8)	-	(82.8)
Administrative expense	(73.6)	(32.8)	(106.4)	(79.7)	(59.6)	(139.3)
Share of results of joint venture	7.1	(1.5)	5.6	10.7	(3.4)	7.3
Operating profit/(loss)	54.9	(34.3)	20.6	58.3	(142.0)	(83.7)
Finance income	3.9	-	3.9	10.8	1.4	12.2
Finance expense	(17.7)	(0.3)	(18.0)	(24.2)	-	(24.2)
Net finance (expense)/income	(13.8)	(0.3)	(14.1)	(13.4)	1.4	(12.0)
Net monetary loss arising from hyperinflationary economies	-	-	-	(0.2)	-	(0.2)
Profit/(loss) before taxation	41.1	(34.6)	6.5	44.7	(140.6)	(95.9)
Taxation	(9.0)	(2.7)	(11.7)	(6.5)	30.6	24.1
Profit/(loss) for the period	32.1	(37.3)	(5.2)	38.2	(110.0)	(71.8)
Attributable to:
Owners of the Parent	30.8	(36.6)	(5.8)	33.6	(90.6)	(57.0)
Non-controlling interests	1.3	(0.7)	0.6	4.6	(19.4)	(14.8)
	32.1	(37.3)	(5.2)	38.2	(110.0)	(71.8)

Details of adjusting items are provided in Note 3 to the condensed consolidated financial statements. Reconciliations from IFRS reported results to APMs are set out below.

 

 

 

 

Alternative Performance Measures (continued)

Adjusted operating profit and adjusted operating margin

		2025	2024
		£m	£m
Group
Operating profit/(loss) from continuing operations		20.6	(83.7)
Exclude: adjusting items		34.3	142.0
Adjusted operating profit		54.9	58.3
Revenue		513.8	527.9
Operating margin		4.0%	(15.9)%
Adjusted operating margin		10.7%	11.0%
By segment
Europe & the Americas:
Operating profit from continuing operations		50.9	0.7
Exclude: adjusting items		(14.1)	31.9
Adjusted operating profit		36.8	32.6
Revenue		199.4	200.7
Operating margin		25.5%	0.3%
Adjusted operating margin		18.5%	16.2%
Asia Pacific:
Operating profit from continuing operations		25.1	27.0
Exclude: adjusting items		0.1	1.0
Adjusted operating profit		25.2	28.0
Revenue		173.5	175.2
Operating margin		14.5%	15.4%
Adjusted operating margin		14.5%	16.0%
Africa:
Operating profit/(loss) from continuing operations		18.9	(50.7)
Exclude: adjusting items		4.5	81.0
Adjusted operating profit		23.4	30.3
Revenue		140.9	151.7
Operating margin		13.4%	(33.4)%
Adjusted operating margin		16.6%	20.0%
Central:
Operating loss from continuing operations		(74.3)	(60.7)
Exclude: adjusting items		43.8	28.1
Adjusted operating loss		(30.5)	(32.6)

 

Alternative Performance Measures (continued)

Adjusted gross profit

		2025	2024
		£m	£m
Gross profit		206.8	131.1
Exclude: adjusting items		-	79.0
Adjusted gross profit		206.8	210.1
Revenue		513.8	527.9
Gross margin		40.2%	24.8%
Adjusted gross margin		40.2%	39.8%

 

 

Adjusted share of results of joint venture

		2025	2024
		£m	£m
Share of results of joint venture		5.6	7.3
Exclude: adjusting items		1.5	3.4
Adjusted share of results of joint venture		7.1	10.7

 

 

Adjusted profit before taxation

		2025	2024
		£m	£m
Profit/(loss) before taxation from continuing operations		6.5	(95.9)
Exclude: adjusting items		34.6	140.6
Adjusted profit before taxation		41.1	44.7

 

 

Adjusted Earnings Before Interest Depreciation and Amortisation (Adjusted EBITDA)

 

		2025	2024
		£m	£m
Profit/(loss) before taxation from continuing operations		6.5	(95.9)
Add back: net finance expense		14.1	12.0
Add back: depreciation		8.0	10.2
Add back: amortisation		4.1	7.1
Add back: impairment and impairment reversal		18.3	24.9
		51.0	(41.7)
Exclude: adjusting items*		15.5	117.6
Adjusted EBITDA		66.5	75.9

 

* Excludes adjusting items relating to impairment.

 

 

 

Alternative Performance Measures (continued)

 

Adjusted earnings per share

	2025	2024
	pence	pence
Basic (loss) per share	(1.38)	(13.60)
Exclude: adjusting items	8.72	21.62
Adjusted basic earnings per share	7.34	8.02
Diluted (loss) per share1	(1.38)	(13.60)
Exclude: adjusting items2	8.70	21.60
Adjusted diluted earnings per share	7.32	8.00

 

^{1 The basic and diluted loss per share are equal as a result of the Group incurring a statutory loss for the year.}

^{2 In 2025, this includes an adjustment of 0.00p per share (2024: 0.03p per share) arising from bringing the diluted loss per share in line with the basic loss per share as outlined above.}

 

Free cash flow

		2025	2024
		£m	£m
Cash generated from operations		49.2	47.7
Deduct: purchase of property, plant and equipment and software		(6.9)	(6.1)
Free cash flow		42.3	41.6

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

		2025	2024
	Note	£m	£m
Revenue		513.8	527.9
Cost of sales		(307.0)	(396.8)
Gross profit		206.8	131.1
Selling and distribution expense		(85.4)	(82.8)
Administrative expense		(106.4)	(139.3)
Share of results of joint venture		5.6	7.3
Operating profit/(loss)		20.6	(83.7)
Finance income		3.9	12.2
Finance expense		(18.0)	(24.2)
Net finance expense		(14.1)	(12.0)
Net monetary gain/(loss) arising from hyperinflationary economies1		-	(0.2)
Profit/(loss) before taxation		6.5	(95.9)
Taxation	4	(11.7)	24.1
Loss for the year2		(5.2)	(71.8)
Attributable to:
Owners of the Parent		(5.8)	(57.0)
Non-controlling interests		0.6	(14.8)
		(5.2)	(71.8)
Loss per share2
Basic (p)	6	(1.38)	(13.60)
Diluted (p)3	6	(1.38)	(13.60)

^{1 Represents the hyperinflation impact in relation to Ghana.}

^{2 Wholly derived from continuing operations.}

^{3 The basic and diluted loss per share are equal as a result of the Group incurring a loss for the year.}

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		2025	2024
	Note	£m	£m
Loss for the year		(5.2)	(71.8)
Other comprehensive (expense)/income:
Items that will not be reclassified to income statement:
Re-measurement loss on net retirement benefit obligations		(4.6)	(6.8)
Taxation on other comprehensive (expense)/income		1.2	1.7
Total items that will not be reclassified to income statement		(3.4)	(5.1)
Items that may be subsequently reclassified to income statement:
Exchange differences on translation of foreign operations1		0.2	(69.4)
Share of other comprehensive expense of joint venture accounted for using the equity method		(1.0)	(20.0)
Cash flow hedges - fair value movements		0.2	(0.6)
Total items that may be subsequently reclassified to income statement		(0.6)	(90.0)
Other comprehensive expense for the year		(4.0)	(95.1)
Total comprehensive expense for the year		(9.2)	(166.9)
Attributable to:
Owners of the Parent		(10.1)	(133.3)
Non-controlling interests		0.9	(33.6)
		(9.2)	(166.9)

 

¹ Includes a hyperinflation adjustment of £1.9 million (2024: £4.3 million) in relation to Ghana, net of £0.8 million (2024: £1.3 million) deferred taxation.

CONDENSED CONSOLIDATED BALANCE SHEET

		2025	2024
	Note	£m	£m
Assets
Non-current assets
Goodwill and other intangible assets	7	253.9	279.3
Property, plant and equipment		43.4	42.8
Investment properties		10.0	6.6
Right-of-use assets		13.6	10.2
Net investments in joint venture		-	-
Trade and other receivables		2.1	32.1
Deferred taxation assets		15.8	22.2
Tax receivable		4.8	0.6
Retirement benefit surplus		27.4	32.1
		371.0	425.9
Current assets
Inventories		70.0	68.5
Trade and other receivables		119.2	99.0
Derivative financial assets		0.4	-
Current tax receivable		0.1	0.2
Cash and cash equivalents	8	45.1	51.3
		234.8 9.4	219.0 4.7
Assets held for sale
		244.2	223.7
Total assets		615.2	649.6
Equity and liabilities
Equity
Share capital		4.3	4.3
Treasury shares		(32.0)	(34.5)
Capital redemption reserve		0.7	0.7
Hedging reserve		(0.2)	(0.4)
Currency translation reserve		(158.4)	(159.6)
Retained earnings		399.6	425.3
Other reserves		5.7	6.5
Attributable to owners of the Parent		219.7	242.3
Non-controlling interests		(6.2)	(7.1)
Total equity		213.5	235.2
Liabilities
Non-current liabilities
Borrowings	8	102.4	160.3
Trade and other payables		0.6	2.6
Lease liabilities		12.6	9.7
Deferred taxation liabilities		34.1	39.8
Retirement and other long-term employee benefit obligations		11.7	12.2
		161.4	224.6
Current liabilities
Borrowings	8	54.7	6.3
Trade and other payables		155.1	158.7
Lease liabilities		2.3	2.4
Derivative financial liabilities		0.4	0.5
Current taxation payable		27.5	21.7
Provisions		0.3	0.2
		240.3	189.8
Total liabilities		401.7	414.4
Total equity and liabilities		615.2	649.6