British-based PZ Cussons Plc said it will sell-off non-core brands and simplify its Nigerian business following a 6.8% decline in full year revenue to £689.4 million from £739.8 in the previous year. Pre-tax profits fell 37.5% to £37.0 million, compared to £59.2 million it earned in the previous year.
The group said that macro-conditions in Nigeria were to blame for its poor performance. “A sustained lack of liquidity at both consumer and trade level has resulted in a significant contraction in the size of the market, resulting in lower volumes, prices and margins,” it said.
