PZ Cussons (LON: PZC) released its PZ Cussons full-year results for the year ended 31 May 2026 on 6 August, reporting group revenue of £541 million, up 5.4% on a reported basis and 5.8% on a like-for-like basis. Net debt fell to £25.0 million from £112.0 million a year earlier, a reduction driven by cash generation and asset disposals.
The shares have already priced in much of the recovery. PZC traded around 87.50p in mid-June and touched 113.60p on 30 July before easing to 106.40p, a gain of close to 30% in six weeks.
PZ Cussons Full-Year Results: The Numbers
The debt reduction is the headline number from the PZ Cussons Annual Report and Accounts 2026. The group sold its 50% stake in the PZ Wilmar joint venture and other surplus assets to generate the bulk of the cash, cutting net debt by £87 million over the financial year.
Earnings tell a more qualified story. Basic adjusted earnings per share fell 2.7% to 7.14p, even as profit before tax grew. The drag came from a higher minority interest charge, largely because PZ Cussons holds a smaller ownership stake in its Nigerian Electricals business, which posted strong profit growth.
Statutory EPS recovered to 4.70p from a loss of 1.38p per share in the prior year, helped by a gain on the revaluation of Nigerian liabilities. In the year to 31 May 2025 that line had been a loss; by May 2026 Nigerian inflation had eased to 16% from above 20% at the start of PZ Cussons’ financial year.
Nigeria and the Half-Year Trajectory
The Nigerian backdrop shaped the full-year outcome materially. Falling inflation reduced the currency and cost pressures that had weighed on African margins, and the revaluation gain on local liabilities swung from a loss to a positive contribution in reported results.
At the half-year stage, adjusted profit before tax had already risen to £30 million from £20 million in the equivalent prior period, according to PZ Cussons H1 earnings call highlights published by Yahoo Finance. A lower interest charge and improved operating performance drove that improvement, with EPS growth lagging behind profit growth because of the Nigerian minority interest leakage and a higher group tax charge.
The full-year results confirm that trajectory held through the second half, with like-for-like revenue growth accelerating slightly to 5.8% versus what the H1 run-rate implied.
What Comes Next
The shares have moved sharply, and the adjusted EPS dip to 7.14p raises the question of whether earnings can grow alongside revenue in the year ahead. The minority interest charge will persist as long as the Nigerian Electricals business outperforms, so investors will want to see whether the group’s Beauty and Wellness brands can absorb that drag through margin improvement.
PZ Cussons’ next formal shareholder event is the annual general meeting, scheduled for 1 October 2026. Management’s guidance for FY2027 revenue growth and any update on further asset disposals will set the next directional trigger for PZC.
