• Monday, March 04, 2024
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PZ Cussons’ sales hurt by unrest in northern Nigeria

PZ-Cussons

PZ Cussons Plc, the maker of Imperial Leather soaps, said continued unrest in northern Nigeria has resulted in a decline in sales in that region.

Nigeria is by far the British soap and shampoo maker’s biggest market, though it also sells in Ghana and Kenya. Africa accounted for about 42 percent of Cussons’ revenue in the year ended May 31.

Insurgents from Boko Haram, whose name means “Western education is forbidden”, are fighting to carve out an Islamic state in Nigeria. Since a military offensive began last year, the Islamists have taken out their anger on civilians in increasingly frequent attacks.

The company also said it was carefully monitoring the Ebola situation in Nigeria.

Shares in the Manchester-based company closed at 380 pence on Monday, valuing the business at 1.63 billion pounds.