PZ Cussons (PZC) H2 2026 earnings summary

Executive summary

• Achieved broad-based revenue and profit growth across all four lead markets and top 10 brands, supported by record brand investment, innovation initiatives, and early delivery of refreshed strategy.

• Strengthened balance sheet with significant reduction in net debt and resumed dividend growth after four years.

• Portfolio simplification and strong cash generation led to a £174m gross debt reduction over three years.

• Strategic focus on core categories and lead markets, with disciplined capital allocation and portfolio simplification.

• Trading to date is in line with expectations, with a positive outlook for FY27.

Financial highlights

• Group revenue rose 5.4% to £541.4m, with like-for-like growth of 5.8% year-over-year.

• Adjusted operating profit increased to £59.5m (up 24.5% excluding PZ Wilmar JV), with margin up 170bps to 11%.

• Profit before tax increased to £50.1m from £41.1m year-over-year.

• Free cash flow improved to £54.7m, and net debt reduced to £25m.

• Dividend per share increased to 3.70p, the first rise in four years.

Outlook and guidance

• FY 2027 outlook in line with market expectations; operating profit guidance of £58m–£61.2m.

• H1/H2 profit split expected to be more balanced; no material FX impact anticipated.

• Board remains mindful of macroeconomic uncertainty but expects continued underlying momentum.