The PZ Cussons plc Board has reviewed the dividend carefully given the material devaluation of the Naira, particularly as it is difficult to foresee a significant rebound in the value of the currency in current circumstances. Had the exchange rate as at 31 January 2024 been the rate used to translate the FY23 results, FY23 EPS would have been over 30% lower. As a result, the Board has determined that it would not be prudent to pay an unchanged dividend. It has therefore elected to pay an interim dividend of 1.50p with the objective of achieving a cover of approximately two times for FY24.
The dividend will be paid on 4 April 2024 to shareholders on the register at the close of business on 8 March 2024.