StockMarketWire.com - Consumer goods group PZ Cussons swung to a full-year loss owing to the sale of its Nigerian dairy business Nutricima, though its underlying performance improved and it lifted its dividend.

Net losses for the year through May amounted to £16.6 million, swinging from a year-on-year profit of £19.7 million, and included losses on discontinued operations of £51.6 million.

Adjusted pre-tax profit from continuing operations climbed 11% to £68.6 million, as revenue rose 2.7% to £603.3 million, or by 7.1% on a constant currency basis.

The maker of Imperial Leather soap declared a full-year dividend of 6.09p per share, up 5% year-on-year.

For the first quarter of the current financial year, revenue had fallen 9% year-on-year, due to lower demand for hygiene products as Covid-19 lockdowns eased.

On a two-year basis, however, first-quarter revenue was up 13%.

PZ Cussons said it expected to deliver an adjusted pre-tax profit for the current financial year within the current range of expectations, 'despite the significant inflationary pressure on our cost base'.

Story provided by StockMarketWire.com