After three profit warnings since December, shareholders in PZ Cussons will have been relieved that the latest trading update did not bring more disappointing news.
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The personal care products maker confirmed that civil unrest and economic disruption at its important Nigerian business, and a challenging market in Australia, mean that underlying pre-tax profits will be 15 per cent lower this year. But analysts had expected worse, and Cussons said that it was confident that, with cost reduction programmes on track, it would return to "profitable growth" in the next financial year.
