PZ Cussons has sold its 50% equity stake in Nigerian edible oils business, PZ Wilmar, to its joint venture partner, Wilmar International Limited, for £51m.

The UK-based firm, which owns brands including Carex, Imperial Leather and St. Tropez, said the net proceeds would be used to reduce its gross debt.

PZ Wilmar was formed in 2010 and is one of the largest sustainable palm oil businesses in Nigeria.

The announcement comes as the firm provided a performance update for the current financial year. It stated that it expects like-for-like revenue growth of 8% for the 2025 financial year, with reported revenue of £505m.

However, it has narrowed its operating profit expectations from between £52m and £58m to between £52m and £55m. PZ Cussons said this was in recognition of £2m in additional costs to its UK business and a softer performance by St. Tropez in the US.

Chief executive officer at PZ Cussons, Jonathan Myers, said: "I am delighted to announce the sale of our stake in PZ Wilmar to our joint venture partner. In doing so, we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet. At the same time, the smooth transition of ownership offers continuity for colleagues and operations.

"Having delivered a solid FY25 performance, our focus now is to continue transforming PZ Cussons into a business with stronger brands in a more focused portfolio, delivering sustainable profitable growth."

PZ Cussons will announce its 2025 full-year results in September.

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