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Highlights

  • PZC agrees to sell 50% stake in Nigerian JV PZ Wilmar for USD 70 million to Wilmar International.
  • The company expects FY25 like-for-like revenue growth of 8%, with GBP 505 million in reported revenue.
  • PZC narrows FY25 adjusted operating profit guidance to GBP 52–GBP 55 million, citing Q4 cost pressures.

PZ Cussons plc (LSE:PZC), a UK-based consumer goods company with a broad portfolio of personal care and home products, has agreed to divest its 50% equity stake in PZ Wilmar, its joint venture with Wilmar International. This move marks a significant step in the company's strategic portfolio transformation plan and comes alongside an update on expected financial performance for the fiscal year ended 31 May 2025 (FY25).

The sale agreement, announced in June 2025, will see PZ Cussons transfer its ownership in PZ Wilmar one of Nigeria’s major edible oils producers for a cash consideration of USD 70 million (GBP 51 million) to its joint venture partner, Wilmar. After taxes, fees, and other costs, the net proceeds from the transaction are expected to be approximately USD 64 million (GBP 47 million). The company noted that the transaction is subject to regulatory approvals and is expected to complete in the final quarter of calendar year 2025.

Established in 2010, PZ Wilmar has held leading market positions in Nigeria’s edible oil segment through its brands Mamador and Devon King's. According to PZ Cussons, operations at PZ Wilmar will continue unaffected by the sale. The joint venture contributed GBP 4.7 million to the Group’s adjusted operating profit during the first half of FY25 and GBP 2.5 million in cash flow, largely from the partial repayment of a shareholder loan. The company expects the divestment to simplify its business structure and reduce financial exposure to the Nigerian market.

The net proceeds will be used to reduce gross debt. At the end of FY25, gross debt stood at GBP 158 million, down from GBP 167 million at FY24-end. On a pro forma basis, incorporating the PZ Wilmar transaction proceeds, gross debt would be GBP 111 million.

In addition to the divestment, PZ Cussons provided preliminary results for FY25. The company expects to report like-for-like revenue growth of 8% and total reported revenue of approximately GBP 505 million. Africa remains a key contributor to revenue, supported by high inflationary trends in Nigeria. Asia-Pacific showed a recovery in the second half, particularly in Indonesia, while Europe and the Americas remained flat year-on-year. UK and continental Europe saw modest growth, but this was offset by a double-digit sales decline in the St. Tropez business in the United States.

The company narrowed its adjusted operating profit guidance for FY25 to between GBP 52 million and GBP 55 million. This revised range reflects additional Extended Producer Responsibility costs of GBP 2 million in the UK and weaker-than-expected performance from the US operations of St. Tropez. These pressures were partly mitigated by cost management initiatives across the group.

CPZ Cussons plans to publish its full-year results in September 2025.