PZ Cussons, the maker of Imperial Leather and Carex, has warned problems in Nigeria have “tightened further” and warned that its annual profits will be at the lower end of expectations.
Nigeria, one of Cussons’s key markets, has become a thorn in its side over recent months. In March the company issued a profit warning, highlighting weaker sales in Nigeria and the UK. Profits were guided between £80m and £85m.
Today PZ Cussons said trading in these two markets “remain difficult”. But while the UK has been in line with revised expectations, sales in Nigeria have worsened.
With an economy heavily dependent on oil production Cussons had hoped a resurgence in oil prices would provide a catalyst for...