British cosmetics and soap maker PZ Cussons Plc (PZC.L) reported lower half-yearly profits on Thursday. The results are 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.
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