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PZ Cussons - Possibility of a special dividend

June 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PZC
  • Price:
  • 290p
Trading continues to be in line with expectations. Africa has continued to improve following the liquidity squeeze, while the nutrition joint venture should be profitable for the full-year. The £39m Project Unity, should be completed later this year and will provide substantial cost savings and improved cash flow. In Europe, Greece has been flat, while Poland and the UK have performed well (the latter despite intense promotional activity in supermarkets). The smaller Asian division has seen a strong performance in Australia, Indonesia and the Middle East. While Panmure Gordon's eps forecasts of 14.6p for the year to 31 May, rising to 16.3p in 2011 are unchanged, the broker thinks its year-end net cash forecast of £30.3m c ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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