PZ Cussons plc announces a significant step in its portfolio transformation with the sale of its 50% stake in PZ Wilmar Limited, a Nigerian edible oils business, to Wilmar International Limited for $70 million. The sale will strengthen the balance sheet and reduce debt, improving key credit metrics. PZ Wilmar has been a successful joint venture since 2010, with market-leading brands Mamador and Devon Kings, but the sale will reduce complexity and exposure to the risks of the Nigerian market.
The Group also provides a trading update for the financial year ended 31 May 2025, with like-for-like revenue growth of 8% and reported revenue of £505 million. Strong revenue growth in Africa, APAC, and Indonesia contributed positively, while the St. Tropez US business declined. Adjusted operating profit guidance is narrowed to £52-£55 million due to additional costs and the softer St. Tropez US performance. Gross debt is expected to be reduced to £158 million, and the Groups focus is now on transforming into a business with stronger brands and a more focused portfolio for sustainable profitable growth.