PZ Cussons (PZC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 10:30 A.M. with a welcome, introduction of board members, two new appointments, and a farewell to the retiring Senior Independent Director.

• AGM convened on 21 November 2024, with a trading update provided to stakeholders.

Financial performance review

• Naira devaluation in Nigeria led to a 70% currency drop, significantly impacting financial results and cash holdings.

• Trading aligns with expectations and FY25 outlook, with anticipated 5% like-for-like revenue growth for H1 FY25 driven by UK and Africa performance.

• Gross debt projected to be under £160 million by end of November 2024, down from £167 million at end of May 2024, with GBP 85 million reduction noted.

• U.K. personal care business returned to growth, with Original Source revenue up 20% and Carex returning to growth post-pandemic.

• Actions underway to mitigate currency volatility, particularly regarding intercompany loans to Nigeria.

Board and executive committee updates

• Vivek Ahuja appointed as new Senior Independent Director and Chair of Audit and Risk Committee.

• Kareem Moustafa promoted to General Counsel and Company Secretary.