LONDON (dpa-AFX) - Shares of PZ Cussons Plc (PZC.L) were losing around 6 percent in the morning trading in London after the consumer products group warned Thursday that its expected profit before tax for the full year 2018 will be in the range previously indicated, albeit towards the bottom end of the range.
In its trading update, the company noted that its first half performance had been constrained by trading conditions in the UK and Nigeria. In its March trading update, the company said its trading conditions in these two markets remained difficult and that it expected profit before tax to be in the range of 80 million pounds to 85 million pounds.
The company now said that during the last few months of the year, performance in the UK has been in line with revised expectations, while trading conditions in Nigeria have tightened further.
Results in the Group's other markets remain robust with performance in Australia, Indonesia and the beauty division ahead of the prior year.
Looking ahead, the company said it expects macro conditions to remain challenging with general elections in Nigeria and Indonesia falling in the second half of the new financial year. At the same time, commodity costs and exchange rates are expected to remain volatile.
The company will announce full-year results on July 24.
In London, PZ Cussons shares were trading at 219.40 pence, down 5.76 percent.
Copyright RTT News/dpa-AFX