- PZ Cussons has reported that overall revenue during the third quarter of 2020 declined against last year, albeit at a reduced rate compared to the first half of the year as its key markets were hit by consumer fragility and Covid-19.

The company said its full-year profit guidance remained within consensus range, albeit at the lower end, while its balance sheet remained strong.

It reported net debt of £116m during the third quarter ended 29 February 2020, versus £183m at the same time last year, and headroom of £147m under its committed bank facilities.

PZ Cussons said it has not elected to participate in the UK furlough scheme or similar schemes in other countries at this point.

The company confirmed it had completed the sale of local Polish brand Luksja for £9.2m in the quarter and had recently announced the disposal of Nutricima, its Nigerian milk business, for $20.3m.

During the quarter, the company appointed new chief executive Jonathan Myers, who is due to start on 1 May.

Its target debt level for the year-end remains at £110m in line with guidance at the half year.

PZ Cussons said that the impact of Covid-19 continues to be significant but that it varies depending on business unit and market.

In Europe and the Americas, its Carex brand benefitted from a significant increase in demand towards the end of the quarter driven by the Covid-19 pandemic.

At 8:14am: [LON:PZC] Pz Cussons PLC share price was -0.4p at 179.4p

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