Highlights

  • PZ Cussons shares jumped 9.17% on 11 February 2026, followed by H1 FY26 results and upgraded FY26 guidance
  • Adjusted operating profit increased to GBP 35.6m, with margin expanding to 13.2%.
  • H1 FY26 revenue rose to GBP 269.3m from GBP 249.3m, with LFL growth of 9.5%.
  • FY26 adjusted operating profit guidance raised to GBP 53–57m from GBP 50–55m.

PZ Cussons plc (LSE:PZC) shares advanced 9.17% to GBX 87.66 during the morning session on 11 February 2026 after reporting its results for the six months ended 29 November 2025 (H1 FY26), alongside an upgrade to full-year operating profit expectations.

For the six months ended 29 November 2025, reported revenue increased to GBP 269.3 million, up from GBP 249.3 million in H1 FY25, representing an 8.0% increase.

Like-for-like (LFL) revenue growth was 9.5% in H1 FY26 compared with 7.1% in H1 FY25. Growth was delivered across all four lead markets — the UK, Australia & New Zealand (ANZ), Nigeria and Indonesia.

Excluding Africa, LFL revenue growth stood at 3.2%, with volume growth of 0.7% during H1 FY26. The reported revenue figure reflected the depreciation of the Australian Dollar and Indonesian Rupiah versus Sterling.

Higher Margins Drive Profit Growth in H1 FY26

Adjusted operating profit for H1 FY26 rose to GBP 35.6 million, compared with GBP 27.0 million in H1 FY25, marking a 31.9% increase. Adjusted operating margin improved to 13.2% from 10.8%, an expansion of 240 basis points.

On a statutory basis, operating profit increased to GBP 40.1 million in H1 FY26 from GBP 13.4 million in H1 FY25, while statutory operating margin expanded to 14.9% from 5.4%.

Excluding the comparative contribution from the PZ Wilmar joint venture, adjusted operating profit increased by GBP 13.3 million year-on-year. The company noted that performance was supported by non-cash foreign exchange gains following a strengthening Nigerian Naira and the phasing of marketing investment towards H2 FY26.

Adjusted profit before tax increased to GBP 29.8 million in H1 FY26 from GBP 19.8 million in H1 FY25, reflecting a 50.5% rise. Adjusted basic earnings per share (EPS) rose to 4.37p in H1 FY26 from 3.89p in H1 FY25, an increase of 12.3%. Statutory basic EPS increased to 1.40p from 1.19p over the same period. The increase in adjusted EPS was partly offset by a higher effective tax rate due to geographic profit mix and the impact of the PZ Wilmar disposal.

 

Net Debt Falls as Portfolio Reshaping Progresses

Net debt declined by GBP 27.7 million compared with 31 May 2025, supported by free cash flow of GBP 23.2 million and proceeds from portfolio transformation activities.

The Group has received GBP 48.5 million to date from the sale of its 50% stake in the PZ Wilmar joint venture, with a further GBP 3.4 million expected in the coming weeks.

An interim dividend of GBX 1.50 per share was declared for H1 FY26, unchanged from H1 FY25.

Full-Year Outlook Raised After H1 Performance

Trading through to the end of January has progressed in line with expectations, with continued favourable LFL revenue growth across the Group. Based on performance to date, and subject to foreign exchange movements in the remaining months of the financial year, the Group now expects adjusted operating profit for FY26 to be in the range of GBP 53–57 million, compared with the previous guidance range of GBP 50–55 million.

Gross cost savings for FY26 are projected at approximately GBP 5–10 million, unchanged from prior expectations, with most of these savings planned to be reinvested into marketing, brand-building initiatives and people. The Group also expects to end FY26 with net debt to EBITDA at around 1.0x, excluding cash held within Nigeria. This outlook reflects anticipated cash proceeds of GBP 20–25 million from the disposal of non-operating surplus assets, of which GBP 15.8 million has already been received.

FAQ’s

How did revenue change year-on-year?

Revenue increased to GBP 269.3 million in H1 FY26 from GBP 249.3 million in H1 FY25.

What was the trend in operating profit?

Adjusted operating profit rose to GBP 35.6 million from GBP 27.0 million, while statutory operating profit increased to GBP 40.1 million from GBP 13.4 million.

Did the company upgrade its guidance?

Yes, FY26 adjusted operating profit guidance was increased to GBP 53–57 million from GBP 50–55 million.

What dividend was declared?

An interim dividend of GBX 1.50 per share was declared, in line with the prior year’s payment.