2007 has been another year of considerable progress for the Group with operating profit before exceptional items reaching £66.2 million, an increase of 10%.
This successful result has been achieved despite the challenging trading conditions with the weak US dollar and higher raw material costs impacting the business.
Highlights in the year have been as follows:
Strong trading performance, particularly in Nigeria and all European units
Significant growth in our white goods business with Haier in Nigeria with further expansion of the product range
Significant growth in our nutrition joint venture with Glanbia in Nigeria with successful new product launches
The opening of the first Nigerian world class standard electrical retail superstore. HT Cool World opened in Lagos showcasing the range of quality Haier Thermocool brand electrical appliances
No. 1 position achieved in personal wash category in UK following successful brand renovation programme
Successful roll-out of the Charles Worthington haircare brand into the UK nationwide trade
Construction commenced of a new £26m Innovation Centre in Manchester, incorporating a liquids manufacturing facility, a Fragrance Development Centre and a Research and Development Centre
At a corporate level, the share split of ten for one was approved at the 2006 annual general meeting and has helped to improve the liquidity of the company's shares.
The Group's strategic focus remains on continued growth and margin improvement in our selected markets. The success that we have achieved is the result of the
hard work and dedication of all our staff throughout the PZ Cussons Group.
