PZ Cussons FY26 trading update, with adj. operating profit at or above the £53-57m range

研报英文原文证据摘录

PZ Cussons FY26 trading update, with adj. operating profit at or above the £53-57m range

C A Z E N O V E Europe Equity Research

17 June 2026

PZ Cussons Neutral

PZC.L, PZC LN

FY26 trading update, with adj. operating profit at or Price (16 Jun 26):91p

above the £53-57m range ▲Price Target (May-28):110p Prior (May-27):100p

Our Take: PZ Cussons has issued a trading update for the year to 31 May 2026,

with organic sales growth of c6% and reported revenues of c£540m. The company European Food Producers and

Household & Personal Careis now guiding to adj. operating profit at or slightly above the upper end of the

Products

previously guided £53-57m range (vs towards the upper end prior) and net debt at

less than £30m. Looking forward to FY27, the company notes that it is “mindful Edward G Hockin AC

of the potential impact of the conflict in the Middle East and has already taken (44-20) 7742-6937

edward.hockin@jpmorgan.com

actions which are expected to offset a large majority of any cost inflation”. The

Celine Pannuti, CFA

read-across from our sector COGS tracking may point to an acceleration in cost

(44-20) 7134-7123

inflation towards JPMe ~HSD. On the back of a stronger FY26 EBIT and slightly celine.pannuti@jpmorgan.com

lower net financials (with net debt better than JPMe), we have raised EPS 26/27E J.P. Morgan Securities plc

by 8%/3%, respectively, and we roll forward our target price to May-2028 to 110p

Specialist Sales contact details:(from May-2027 100p prior). The results should reassure on good operational

delivery, including cost control, and the stability of the Naira remains supportive, Olivia Petronilho - Specialist Sales -

and we await further details with the full results on 6 August. European Consumer

(44-20) 3493-3709