**Summary of PZ Cussons PLC Interim Results for H1 FY26 (Ended 29 November 2025)**
**Financial Performance Highlights**
**Revenue Growth** Reported revenue increased by 8.0% to ยฃ269.3 million, driven by broad-based like-for-like (LFL) growth of 9.5% across all four lead markets (UK, ANZ, Nigeria, and Indonesia).
**Operating Profit** Adjusted operating profit rose by 31.9% to ยฃ35.6 million, with a margin improvement to 13.2%. Statutory operating profit surged by 199.3% to ยฃ40.1 million.
**Profit Before Tax** Adjusted profit before tax grew by 50.5% to ยฃ29.8 million, while statutory profit before tax increased by 435.9% to ยฃ34.3 million.
**Earnings Per Share (EPS)** Adjusted EPS rose by 12.3% to 4.37p, and statutory EPS increased by 17.6% to 1.40p.
**Dividend** Interim dividend maintained at 1.50p per share.
**Strategic and Operational Updates**
**Strategic Review Completion** The company concluded its strategic review, resulting in a strengthened balance sheet and a more focused, resilient business.
**Portfolio Transformation** Proceeds of ยฃ48.5 million were received from the sale of the 50% stake in the PZ Wilmar joint venture, with an additional ยฃ3.4 million expected.
**Brand Performance** Strong growth in key brands across all markets, driven by innovation, brand-building, and commercial execution.
**UK** Sanctuary Spa led growth with successful Christmas gifting.
**ANZ** Returned to category growth with strong market share.
**Nigeria** Double-digit volume growth despite pricing increases.
**Indonesia** Growth driven by innovation and commercial execution.
**Cost Savings** On track to deliver ยฃ5-10 million in gross cost savings in FY26, reinvested in marketing and brand-building.
**Capital Allocation and Outlook**
**Capital Allocation Policy** Surplus cash will be allocated to maintain net debt/EBITDA at 1.0-1.5x, fund a progressive dividend, and support bolt-on M&A or shareholder returns.
**FY26 Guidance** Adjusted operating profit is expected to be ยฃ53-57 million (up from ยฃ50-55 million previously), with net debt/EBITDA ending at approximately 1.0x.
**Current Trading** Trading in line with expectations, with continued strong LFL revenue growth.
**Key Metrics**
**Net Debt** Declined by ยฃ27.7 million to ยฃ84.3 million, driven by free cash flow and proceeds from asset sales.
**Return on Capital Employed (ROCE)** Improved due to higher profitability and efficient capital management.
**Conclusion**
PZ Cussons delivered a robust H1 FY26 performance, underpinned by broad-based growth, strategic portfolio adjustments, and disciplined cost management. The company is well-positioned to achieve its FY26 targets and deliver sustainable shareholder value through its focused strategy and strengthened balance sheet.
Here is the HTML table code comparing the financials and debt year on year for PZ Cussons PLC:
Note: The net debt decrease is driven by free cash flow of ยฃ23.2m and proceeds from portfolio transformation activity.
This HTML code creates two tables: 1. The first table compares key financials (Revenue, Operating Profit, Profit Before Tax, Basic Earnings Per Share, and Dividend Per Share) between H1 FY26 and H1 FY25.
2. The second table compares debt metrics (Net Debt and Net Debt / EBITDA) between H1 FY26 and H1 FY25. The tables are formatted with borders and headers for better readability. The variance/change columns show the percentage or absolute change between the two periods.