AGM Statement

PZ CUSSONS PLC
04 November 2002


For Immediate Release, Monday 4 November 2002


                                 PZ Cussons Plc

                    Chairman's Statement to Shareholders at
                             Annual General Meeting


Anthony Green, Chairman of PZ Cussons Plc, made the following statement to
shareholders at the Annual General Meeting.

'I would like to take the opportunity to update you on our business and touch on
how we see things going forward.  2002 has been a significant and successful
year in the development of the PZ Cussons Group - let me explain some of the
highlights.

The operating results for 2002 are the highest ever achieved by the PZ Cussons
Group and reflect a significant improvement on the previous year.  Our strategy
of continuing to improve margins and increasingly investing in growth
opportunities, particularly in Nigeria and Indonesia has enabled our unit
management teams to achieve these excellent results.

In Nigeria, the progress made by the Government of President Obasanjo has
resulted in an increase in consumer spending and we are currently investing in
increasing factory capacity and improving efficiency to try and meet the
increase in demand.  There will be elections during 2003, with early indications
of a wish to maintain the more stable civilian government.  In recent months the
Naira has devalued by nearly 20% but does appear to now have stabilised at this
level.

Our Indonesian business continues to grow and we are currently investing in
increasing the capacity of our factory in Jakarta.  The recent problems with the
terrorist bombing in Bali have to date not had a significant impact on our
trading levels although the Rupiah is some 10% weaker than at 31st May.

In the UK, the continuing relaunch of Imperial Leather has resulted in much
improved levels of profitability.  During the last year we have launched a
number of innovative new Imperial Leather products, including Shower Bar,
Foamburst Foaming Handwash, Foamburst Scentsations Shower Gel and recently the
exciting new Bathtime range.




In the last few weeks we have purchased the Original Source brand and the
related stock for £11.3m, which currently has a turnover of £9m.  We feel that
Original Source has growth potential in the UK and other parts of the PZ Cussons
Group.

The last three years have seen a dramatic improvement in the operating
profitability of the PZ Cussons Group, however the rate of improvement will be
restricted this year by the strength of Sterling against the Dollar and the
Naira and by the swinging increase in insurance costs caused by the liquidity
crisis in the insurance industry.  To date operating results are largely in line
with budget.

The PZ Cussons Group continues to maintain a strong balance sheet, although our
investment returns have been badly affected during 2002 and in the current year
by dramatic falls in the stock markets and by the low level of interest rates.
Our strong net funds position has however enabled us to finance the growth in
Nigeria and Indonesia, to purchase the Original Source brand and to progress our
share buy back programme.

During 2002 we spent £12.9m purchasing our own shares and since the year end we
have spent a further £9.6m.  We will be asking later for your approval to have
the flexibility to decide whether to purchase more shares.

In view of the strong trading performance and our strong financial position, we
are recommending an increased final dividend of 19.25p per share which together
with the interim dividend of 7.00p means an increase of 10.5% on last year.

The last year has been very eventful in the history of your Group.

In particular we received the award from the CBI as North West Board of the
Year, we had an exciting and successful involvement as a major sponsor with the
outstanding Manchester Commonwealth Games and of course we changed the name of
your company to PZ Cussons Plc with effect from the 31st May 2002.'


For further information contact

 Graham Calder,  Finance Director                                0161 491 8000
 PZ Cussons Plc

 Terry Garrett / Josh Royston                                    0207 950 2800
 Weber Shandwick Square Mile



                      This information is provided by RNS
            The company news service from the London Stock Exchange