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Dec 12 (Reuters) - British cosmetics and soap maker PZ
Cussons Plc PZC.L reported lower half-yearly profits on
Thursday due to weak consumer spending in its major markets, and
said its chief executive officer was retiring.
The maker of Imperial Leather soap and Carex handwash said
Alex Kanellis, a company veteran who has been at the helm for 13
years, will retire on Jan. 31.
The company is facing a host of challenges both at home as
well as in its African business that makes up more than a third
of revenue, as Britons cut back on spending and demand for
personal care brands dwindles in key African markets.
PZ also reported lower revenue for the first half, but
expressed optimism for the second half.
"A stronger second half is expected subject to no further
worsening of the economic and trading environments across our
key geographies," the company said in a statement.
Still, full-year revenue and adjusted profit before tax is
expected to be modestly below the prior year on a like-for-like
basis, the company said.
Non-Executive Chair Caroline Silver will become executive
chair following Kanellis's exit, the company said, adding that
it expected to find his successor in the first half of 2020.
Shares in PZ Cussons, which said it would provide an update
on cost-saving measures at a later date, looked set to open 5%
lower on the London Stock Exchange, according to premarket
indicators.