Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
(Adds details on outlook, background)
Sept 25 (Reuters) - PZ Cussons Plc PZC.L said on Wednesday
it expects conditions in its key markets to remain challenging
for the rest of the first-half, as the cosmetics and soap maker
reported declining first-quarter revenue in Asia-Pacific and
Africa.
The maker of Imperial Leather soap and Carex handwash said
its key markets continue to be affected by weak consumer
confidence, with the Nigerian economy remaining depressed,
uncertainty in the UK, and highly competitive markets in
Australia.
Company said it expects its full-year results to be in line
with last year, but are "dependent on no further worsening in
our key markets, specifically the UK and Nigeria".
Britons are cutting back on spending as the country's
impending exit from the European Union weighs on sentiment and
the economy, while Nigeria's annual inflation dipped to its
lowest in almost four years in August. The company has been struggling to turn around its African
business, which contributes over a third of its revenue, with
margins being squeezed amid dwindling demand.
"The UK Personal Care brands were affected by consumer
uncertainty and heavy promotional activity, leading to lower
revenue," the company said. Increased promotional expenditure in
Australia also led to a drop in revenue.
Australian retailers have also been hammered as a downturn
in property prices has consumers spending less.