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The shares in Imperial Leather owner PZ Cussons hit a nine-year low of 199.7 pence today after it issued a warning saying profits “will fall short of expectations”.
According to media reports, the firm has been hit by the devaluation of Nigerian currency Naira, while its British consumers have been shopping cautiously amid cost inflation and economic uncertainty.
The company, which has Nigeria as its biggest market, said it would review its milk business in Nigeria with an objective of returning it to profitability.
The firm said: “The usual peak season uplift has not occurred to the expected level. Consequently, inventory levels in the trade remain high leading to intense competition, most noticeably in the milk category, which in return is resulting in lower volumes, prices and margins.”
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