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PZ Cussons to stay in Africa despite tough market

PZ Cussons to stay in Africa despite tough market

PZ Cussons' (PZC) chief financial officer, Brandon Leigh, says the consumer goods company isn't selling its African business, despite ongoing issues across the region. Tough trading in Nigeria – which accounts for 90 per cent of its African sales – was the main reason for the 18.2 per cent fall in adjusted operating profit to £85.7m over the past year. It seems a lack of liquidity at both consumer and trade level meant Nigerians didn't spend money on health and hygiene products. But Mr Leigh maintains that Nigeria is the best African market to be in; it comes with a large, young population, which is expected to grow. PZ Cussons’ 50 per cent share of the market is also considered "incredibly strong".

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