PZ Cussons Nigeria has announced the appointment of Richard Walker as a Director on the Board of the Company, effective from February 13, 2025.
The announcement was made in a statement signed by the company secretary, ALSEC Nominees Limited, and noted that the new appointment is subject to ratification at the next Annual General Meeting.
“This is to notify our esteemed shareholders, the investing public, and the Nigerian Exchange Limited that the Board of Directors of PZ Cussons Nigeria PLC (‘the Company’) approved the appointment of Mr. Richard Walker as a Director on the Board of the Company with effect from February 13, 2025, subject to ratification at the next Annual General Meeting,” the statement read.
Strategic direction
Richard Walker joined PZ Cussons in January 2022 as the Group Director of Tax and Treasury and brings significant experience in Treasury, Tax, Capital Markets, and Corporate Finance gained over two decades of global senior finance roles across various industries.
“We are confident that he will contribute significantly to the ongoing strategic direction of the Company,” the statement added.
Earlier in the week, PZ Cussons reported a significant decline in profits for the past year due to challenges posed by the Nigerian naira. However, the recent stabilization of the currency offers some optimism for the future.
In the six months leading up to November 30, PZ Cussons saw its revenue fall by 10% to £249 million, driven by a 55% depreciation of the Nigerian naira compared to the prior period. This currency depreciation led to a 24% drop in pre-tax profits, which fell to £19.8 million, and a similar decline in earnings per share.
What you should know
The company did not provide an update on its plans to sell its African business, which has been severely affected by Nigeria’s currency issues since June 2023.
- Currently, African operations contribute only 25% of the group’s revenue, down from approximately 40% two years ago.
- Despite these challenges, there are positive signs for PZ Cussons, as the naira has shown relative stability in recent months, and many analysts anticipate that this stability will continue.
- Additionally, PZ Cussons’ core business is performing well, with like-for-like sales increasing by 7.1%, driven by pricing improvements in Africa and growth in the UK and Indonesia. “With this backdrop, and a somewhat more stable environment in Nigeria in recent months, I believe we are now firmly in the transformation phase of our journey,” said CEO Jonathan Myers. Following the release of these results, PZ Cussons’ share price rose by 11% in early trading on Tuesday.
The UK recorded its strongest profit performance in three years, reversing several years of decline. Myers attributed this success to new product launches, competitive brand activations, increased retail distribution, and a strong Christmas performance led by Sanctuary Spa.
Indonesia also reported positive results, achieving a third consecutive quarter of growth. In Australia and New Zealand, PZ Cussons’ brands gained market share, despite an overall soft market environment.
