By Najat Kantouar


PZ Cussons swung to a pretax loss for the first half of fiscal 2024 due to the devaluation of the Nigerian Naira which had a significant impact on its financial performance, but the company said it remained confident about long-term growth potential.

The consumer-goods company--which houses the Imperial Leather soap and Morning Fresh dishwashing liquid brands--said Wednesday that pretax loss for the six months ended Dec. 2 was 94.2 million pounds ($118.7 million) compared with a profit of GBP40.5 million.

The group's revenue fell 18% to GBP277.1 million.

After reviewing the material devaluation of the Naira, the board reduced its interim dividend by 44% to 1.50 pence a share.

"The most significant challenge we have faced by far has been the devaluation of the Nigerian Naira, which is today around 70% weaker than a year ago, representing the biggest drop in the currency's history. As we set out in September 2023, macroeconomic developments in Nigeria would be the key determinant of the fiscal 2024 results," Chief Executive Officer Jonathan Myers said.


Write to Najat Kantouar at najat.kantouar@wsj.com


(END) Dow Jones Newswires

02-07-24 0300ET