PZ Cussons boss to leave as profit dips in tough six months

PZ Cussons is to part with its long-serving chief executive after warning that profit and revenue fell in the first half of the financial year.

Alex Kanellis will step down from his role at the Imperial Leather maker at the end of January, after 13 years in charge.

His retirement will come just days after the company is due to present its results for the six months to the end of November.

In a trading update on Thursday, management warned that challenging market conditions in some of the company’s key areas have pushed revenue and operating profit lower in the first half.

It came in a period when PZ Cussons sold its Greek and Polish businesses in an attempt to streamline operations.

But challenges on the UK high street “adversely impacted overall revenue and profit”, it said.

The next six months are expected to be better, unless economic conditions worsen.

However, “full-year revenue and adjusted profit before tax is expected to be modestly below the prior year on a like-for-like basis”, the company said.

Mr Kanellis said: “I am proud to have worked with so many fantastic people across the business over many years.

“The company has a stable of great brands and enjoys strong long-term relationships with partners across all regions.”