The PZ Cussons Board is recommending a final dividend of 3.13p (2019: 5.61p) per share, making a total dividend for the year of 5.80p (2019: 8.28p) per share. The gross amount for the proposed final dividend is £13.1 million (2019: £23.5 million).
Other fiinancial highlights include:
The date of the Annual General Meeting has been fixed for 26 November 2020. Subject to shareholder approval, dividend warrants in respect of the proposed final dividend will be posted on 3 December 2020 to members on the register at the close of business on 9 October 2020.
Progress on strategy with three disposals announced this year, growth in Focus Brand revenue and reduction in organisational complexity.
Moderate decline in revenue of 2.4% largely driven by Nigeria and the mixed impact of COVID-19 on business.
Focus Brand revenue grew compared to last year by 3.3% principally driven by Carex performance in Q4.
Adjusted operating profit of £66.1m, 16.0% lower, resulting from losses in Nigeria, decline in Beauty and lower profits in Australia offsetting excellent results in the UK and Indonesia.
Adjusted profit before tax £62.0m, a reduction of 14.5% reflecting the reduced adjusted operating profit partially offset by a lower interest charge.
Reported profit before tax declined to £29.3m or 32.8%, largely due to the non-cash impairment of five:am and Rafferty's Garden offsetting profits on disposal of operations in Greece and brand in Poland.
Balance sheet significantly strengthened, with net debt of £49.2m versus £153.8m compared to last year, a net debt to adjusted EBITDA ratio of 0.6 times and external financing headroom at 31st May 2020 of £198m.
to enable a more sustainable level and provide the capacity for investment in key brands and in new opportunities such as hygiene amid COVID-19 related uncertainty.