Keypoints:
- Firm keeps Africa unit, unveils growth plan
- Nigeria stabilisation boosts double-digit revenues
- Guardrails added to cut FX risk, volatility
PZ Cussons, the Manchester-headquartered consumer goods group behind brands such as Imperial Leather, Carex and Premier, has confirmed it will retain its Africa business and pursue a new phase of growth across Nigeria, Ghana and Kenya, reversing earlier indications that it might sell the division. The decision, announced on December 11 in a statement published on the company’s website, concludes a strategic review launched in April 2024. The Group said that keeping the business will deliver stronger long-term value for shareholders than the offers it received for a sale.
The updated direction reflects the company’s ambition to balance its portfolio between developed markets such as the UK and Australia, and emerging markets led by Indonesia and Nigeria. The announcement builds on documentation released directly by the Group.
Why the company is staying in Africa
PZ Cussons said it received ‘significant interest’ in its broader Africa portfolio, but the Board concluded the bids did not reflect the inherent value of the business. It highlighted the Group’s deep heritage, strong brand equity and robust market positions, with nearly 80 percent of Nigeria revenue coming from category-leading products.
The demographic case was also central to the decision. Africa’s population is projected to grow by more than 900 million people over the next 25 years, accounting for more than half of global population growth. Nigeria alone is expected to add over 100 million people, driven by rapid urbanisation and an expanding consumer class. More stable economic and currency conditions have also supported double-digit revenue growth in the first half of the financial year.
Three-pillar plan for accelerated growth
The Group’s refreshed strategy is anchored around three pillars aimed at building a ‘winning portfolio of locally-loved brands’:
Core growth:
PZ Cussons aims to deepen its foothold in Nigeria, Ghana and Kenya by strengthening brand-building, expanding distribution, sharpening revenue growth management and improving in-store execution. The number of stores served directly in Nigeria has more than doubled since the 2022 financial year.
Category expansion:
The Group plans to expand into new high-potential categories, especially men’s grooming and beauty, using established brands including Venus, Imperial Leather and Premier.
Pan-African growth:
New markets will be entered from operational bases in Nigeria and Kenya, leveraging existing scale and supply capabilities.
Risk guardrails to manage volatility
Recognising the historic volatility of the Nigerian market, PZ Cussons has introduced a series of operational and financial guardrails to manage foreign exchange exposure, protect liquidity and ensure disciplined cash use. These measures will be reviewed by the Board at each regular meeting.
As part of its broader simplification efforts, the Group reaffirmed plans to divest around £30 million in surplus assets, most of them in Africa. The review also identified a further £7 million worth of non-core assets for disposal this financial year, with additional property optimisation opportunities expected over time.
Scale and profit contribution
Africa generated £141 million in revenue and £16 million in adjusted operating profit in FY25, amounting to 27 percent and 30 percent of Group totals, respectively. Following completion of the sale of its 50 percent stake in PZ Wilmar, the Africa business will include Family Care and Electricals operations in Nigeria and Family Care operations in Ghana and Kenya. PZ Cussons retains a 73.3 percent shareholding in PZ Cussons Nigeria plc.
Further details on the Africa strategy and overall Group direction will be shared at a Capital Markets Event scheduled for February 11, 2026, alongside the FY26 interim results.
CEO: ‘Africa is a market of great opportunity’
Chief Executive Jonathan Myers said the company is strongly positioned to benefit from the region’s evolving consumer landscape:
‘Africa is a market of great opportunity. Given PZ Cussons’ deep heritage there, and the strength of our brands and operational capabilities, we are well-placed to win over the longer term. With greater economic stability and strong performance in recent months, we expect Africa to be a significant contributor to overall Group revenue growth.’
