AGM Statement

PZ CUSSONS PLC
26 September 2005


Under embargo until 12.00am, Monday 26 September 2005


                                  PZ Cussons Plc
                    Chairman's Statement to Shareholders at
                             Annual General Meeting

Anthony Green, Chairman of PZ Cussons Plc, will make the following statement to
shareholders at today's Annual General Meeting.

'As you are aware 2005 has been another eventful year for our Group. It has also
been a year of considerable progress although operating profit improvement has
been restricted by losses in Russia of £5m. We took action during the year to
withdraw from this market and we have also disposed of our loss making joint
venture in China.

Further to our EGM in June the exercise to restructure and simplify our share
structure by enfranchisement of the 'A' shares and the repayment of the
preference shares is now complete.

Let me now turn to our markets, starting with Nigeria. There, I am very glad to
say that the political and economic environments have remained stable throughout
the year and indeed the signs for the future appear as positive as they have
done for many years. The high price of oil is hugely benefiting Nigeria and
additionally the development of the gas resources should ensure growth in dollar
revenues throughout the year ahead. The recent debt forgiveness programme for 18
billion dollars agreed with the Paris Club should provide revenues for major
infrastructure projects which again should have a major impact on the economy
and on the incomes of the people.

I have previously reported on a number of major growth initiatives we have made
in recent years. To drive this forward and to provide greater focus we have
restructured our Nigerian management into Strategic Business Units. Again I am
pleased to advise we have achieved considerable growth in turnover and
profitability in the year and this trend has continued into the current year.

I would like to make particular reference to our white goods business, HPZ,
which we have established with our Chinese partners, Haier. By white goods I
mean fridges, freezers and air conditioners. This business has been growing in
excess of 50% per annum. Additionally, to update you on the progress with the
Nutricima investment with our Irish partners, Glanbia. Our milk factory has now
been in production for a few months with our newly launched brand, Nunu, and the
early results of this powdered milk are very encouraging. The evaporated milk
factory should also be in production within the next few weeks. With the
increased level of investment in Nigeria and our planned growth there, our
Nigerian subsidiary, which is quoted on the Nigerian Stock Exchange, is
currently progressing a rights issue, further details of which will be advised
in our interim results statement.

Turning now to Asia, in Australia there has been a considerable improvement in
operating profitability, a trend again that has continued into this year.
Trading in Indonesia and Thailand has been competitive with pressure on margins
and specific action is being taken to negate the cost increases resulting from
currency weakness and the impact of high oil prices. Our new Group bar soap
factory in Thailand is progressing well and on time and will be officially
opened next week. The factory itself will achieve full operating capacity later
in 2006.

In the UK, the consumer market as ever remains price competitive, with
increasing levels of promotional support necessary. Results, however, for the
first three months are in line with expectations and our major brands have
gained market share with new product launches.

So, our Group has laid solid foundations for future growth particularly in
Nigeria, UK, Australia and Indonesia which are our major markets.

Our focus remains on improving margins with increasing efforts being made
through our programmes on factory efficiencies, global sourcing and supply chain
processes. All of us are familiar with the impact of high oil prices and in our
case with raw material and packaging costs these margin improvement measures
become increasingly important.

Finally, this business like any business at the end of the day is about people.
With the growth that we have planned the recruitment, training and retention of
top quality people again becomes ever more important and we are giving top
priority to specific personnel development programmes.

For the current year I am delighted to advise that at the end of the first
quarter the Group operating results are in line with budget and our investment
portfolio has continued to perform strongly.

We are recommending a final dividend of 26.6p per share, which, together with
the interim dividend of 8.65p means an increase of 10.2% on last year.

We fully realise the significant growth opportunities that are open to us and
your management team has gained the confidence to realise these and we face the
future with considerable optimism.'

For further information contact

Graham Calder, Finance Director                                    0161 491 8000
PZ Cussons Plc

Terry Garrett / John Moriarty                                      0207 067 0700
Weber Shandwick Square Mile





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