Daily Archives: August 18, 2016

UK Government unveils detail plans of proposed sugar tax as it seeks consultations

The UK government on Thursday unveiled its plan for a sugar tax on sweetened beverages as it seeks consultations from stakeholders.

The Soft Drinks Industry levy as it would be known seeks to tackle childhood obesity. It was first announced in March as part of the 2016 budget and will come into effect in April 2018.

FX headwinds dampen PZ Cusson’s profit stream

PZ Cussons Nigeria Plc said on Wednesday that net profit for the full year ending 31 May 2016 fell 53.4% to N2.1bn, down from N4.6bn in the previous year.

The company said it took an exceptional charge related to the 40% devaluation of the Naira on June 20th when the Central Bank of Nigeria moved to a flexible exchange rate system. It meant that long outstanding trade payables it had which were denominated in US dollars had to be reevaluated at a higher exchange rate causing the decline in profit.

Avon Crowncaps losses widen in Q1 despite revenue growth

Avon Crowncaps & Containers Nigeria Plc, manufacturers of screw caps, metal containers and steel drums for a diverse industry which includes beverage companies (makers of soft drinks, juice, dairy, brewers, spirits producers), pharmaceutical and oil industries among others reported a net loss of N202 million in the first quarter of 2016 (Apr – Jun) despite posting a 20% rise in revenue to N4bn, up from N3.4bn from the same period in the previous year.