With effect from February 13, 2025, Richard Walker has been named a new Director on the board of PZ Cussons Nigeria.
With the disclaimer that the nomination is contingent on confirmation at the upcoming Annual General Meeting, the news was made in a statement available to BrandSpur news brand, released by ALSEC Nominees Limited, the company’s secretary.
Walker, who became the Group Director of Tax and Treasury at PZ Cussons in January 2022, has over 20 years of expertise in corporate finance, capital markets, tax, and treasury from top financial positions in a variety of international sectors. The business stated that it is confident his experience will make a substantial contribution to the company’s continued strategic orientation.
There is cautious hope for the future despite the company’s difficult year, which saw a sharp drop in profits as a result of the depreciation of the Nigerian naira. With the recent stabilization of the naira, there is optimism that PZ Cussons’ financial performance will continue to improve.
Due in major part to the Nigerian naira’s 55% depreciation, PZ Cussons reported a 10% decline in revenue, or £249 million, in the six months ending November 30. As a result, pre-tax profits, which were £19.8 million, dropped by 24%. Additionally, earnings per share decreased.
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Regarding its intentions to sell its African business, which has suffered due to Nigeria’s currency problems, the corporation gave no updates. Two years ago, African activities accounted for 40% of the group’s revenue; today, they barely make up about 25%. Positively, PZ Cussons reported a 7.1% increase in like-for-like sales, fueled by growth in the UK and Indonesia and price improvements in Africa.
Jonathan Myers, the CEO of the company, stated that the company is undergoing a period of transformation and that there is hope for a better future due to the recent relative stability in the Nigerian market. The share price of PZ Cussons increased by 11% after the announcement.
New product introductions, aggressive brand activations, and robust retail distribution—especially around Christmas—helped the UK market achieve its best profit performance in three years. Despite a weak market, the company increased its market share in Australia and New Zealand, and Indonesia reported growth for the third straight quarter.
