Final Results

PZ CUSSONS PLC
10 September 2002


                          PZ CUSSONS PLC

                     PRELIMINARY ANNOUNCEMENT

Highlights
-    Operating profits increased by 27.0% to £46.8m from £36.9m
-    Pre-tax profits increased by 12.3% to £49.2m from £43.8m
-    Diluted earnings per share increased by 16.0% to 65.09p from
     56.12p
-    Net funds maintained in excess of £100m at £103.4m from
     £120.9m
-    Dividend increase for year proposed of 10.5% to 26.25p from
     23.75p

Performance by region
                                 Operating
           Turnover (£m)        profit (£m)
           2002     2001     2002     2001

Europe    194.8    198.1     20.4     16.3    The  focus  on  improving
                                              operating   margins   and
Africa    150.5    119.7     19.5     14.7    pursuing  growth  in  all
                                              units, particularly
Asia       95.4     88.3      6.9      5.9    Nigeria   and  Indonesia,
          ------   ------   ------   ------   formed  the basis of  the
          440.7    406.1     46.8     36.9    improved results.
         =======  =======  =======  =======


Europe

The  UK business has performed strongly during the year with  some
growth  and much improved profitability.  The relaunch of Imperial
Leather  in 2001, emphasising lather delivery, has continued  with
innovative new products - Shower Bar, Foamburst Foaming  Handwash,
Foamburst  Scent-sations  Shower  Gel  and  in  recent  weeks  the
Bathtime Range.  The Carex brand range has also been expanded with
Gentle Foaming Handwash and Family Soft Wipes.

To  supplement  television advertising, the UK unit  has  utilised
various   avenues   of  communication  with  consumers   including
sampling, extensive poster and radio campaigns and, this year, has
explored  sports  sponsorship with a major  involvement  with  the
athletics  and  other  events  at the very  successful  Manchester
Commonwealth Games.

Poland  has  suffered a difficult year, with the market  remaining
extremely competitive.  The management of the marketing and  sales
areas  has been strengthened and relaunches of the major brands  E
(detergents),  Luksja  (soaps), Makler and  Graphite  (men's)  and
Kwiaty Polskie (skin care) are planned for this year.

Greece  has performed strongly with sales and profits  up  on  the
previous  year.   The Minerva and Horio olive  oil  and  the  Fast
margarine ranges continue to be extended successfully.


Africa

During  the  year to May 2002, the Nigerian subsidiary achieved  a
28%  increase  in  turnover and a profit  increase  of  36%.   The
progress  made  by  the civilian government has  led  to  improved
consumer  spending  power and a relatively stable  currency.   The
company  grew in all sectors with highlights being the  launch  of
Elephant  Extra  detergent, the relaunches of Joy soap  and  Venus
haircare  and  the  introduction of  the  new  HPZ  refrigerators,
freezers and air conditioners.  Investment continues to be made to
increase the capacity and the efficiency of all the factories.  It
has  been necessary to increase stocking levels to meet the higher
levels  of  demand  and to cover for delays  in  the  delivery  of
imported materials through the ports.

The  results in the other African units, Ghana, Kenya and Cameroun
are similar to last year.

Asia

Turnover  has  grown substantially in Indonesia with  the  ongoing
strategy  of  developing the distribution network by  opening  new
depots throughout the vast group of islands, enabling the unit  to
access  the population of over 200 million.  The capacity  of  the
factory in Jakarta is being expanded to cope with the increase  in
demand for the major brand ranges of Cussons Baby, Kids and  Sweet
Seventeen.

Thailand  also  is  now  expanding rapidly  by  strengthening  its
distribution network, focusing on developing the Imperial  Leather
range  and  introducing  certain of the  Indonesian  brands.   The
capacity  of  the  factory in Bangkok is being increased  to  meet
anticipated demand levels.

In  Australia, the sales of the principal brands, Radiant, Morning
Fresh and Imperial Leather have been strong and profitability  has
continued to improve.

The  two  smaller  units of the region have  reported  contrasting
results  with  the Middle East improving profitability  and  China
remaining in loss.

Change of name

With  effect from 31st May 2002 the company changed its name  from
Paterson Zochonis plc to PZ Cussons Plc.

Investments

The overall fall in world stock markets has impacted on investment
gains  which have reduced to nil from £3.1m.  Since the  year  end
markets  have  continued  to fall and this  is  impacting  on  the
current  year.  Interest receivable net has also reduced to  £2.4m
from  £3.8m with the generally low level of world interest  rates.
Net  funds have remained in excess of £100m despite investment  in
factory  production and working capital, and the £12.9m  spent  on
purchase of own shares.

Purchase of own shares

The company has continued to purchase its own shares in the market
with  the  objective of improving earnings per share.  During  the
year  1,468,000  ordinary and 1,154,000 'A' ordinary  shares  were
purchased  at  a  total cost of £12.9m.  It  is  proposed  to  ask
shareholders for authority to purchase up to a further 10% of  the
shares now in issue.

Dividend

The board is recommending a dividend increase of 10.5%.

Outlook

PZ Cussons maintains a strong balance sheet with adequate funds to
finance   planned  opportunities  for  growth  and  to  have   the
flexibility to continue to purchase its own shares.
Increased sales are anticipated in:

-    UK, with the launch of the new Imperial Leather products
-    Nigeria, with new product ranges and increasing factory
     capacities
-    Indonesia and Thailand, with the development of new products,
     increased distribution, and larger factories

Operating profit improvement will, however, be restricted  by  the
impact  of  the  strength of sterling against the dollar  and  the
naira  and also by increases of £3m in insurance premiums  arising
from the liquidity crisis in the insurance industry.

Group  focus  remains  to improve operating profitability  and  to
pursue  growth  in all units, in particular the  UK,  Nigeria  and
Indonesia.



Consolidated Profit and Loss Account for the Year to 31st May 2002


                                                     2002       2001
                                                     £000       £000

Turnover                                          440,720    406,062
---------------------------------------------------------------------
Operating profit                                   46,794     36,859

Net investment income / interest payable            2,380      6,935
---------------------------------------------------------------------
Profit on ordinary activities before
taxation                                           49,174     43,794

Taxation on profit on ordinary activities         (16,285)   (13,564)
---------------------------------------------------------------------
Profit on ordinary activities after taxation       32,889     30,230

Equity minority interests                          (3,794)    (2,973)
---------------------------------------------------------------------
Profit for the financial year                      29,095     27,257

Preference dividends                                 (770)      (770)
---------------------------------------------------------------------
Profit attributable to ordinary capital            28,325     26,487

Ordinary dividends                                (10,840)   (10,858)
---------------------------------------------------------------------
Profit for the financial year retained             17,485     15,629
=====================================================================

Basic earnings per ordinary share                   65.50p     56.32p


Diluted earnings per ordinary share                 65.09p     56.12p


Dividend for the year per ordinary share            26.25p     23.75p


The results for both years arise from continuing operations


                Balance Sheets as at 31st May 2002


                                       The group          Parent company
                                     2002     2001         2002     2001
                                         (restated)            (restated)

                                     £000     £000         £000     £000
Fixed assets
Intangible assets:
Goodwill                              988      511            -        -
Negative goodwill                  (2,388)  (2,519)           -        -
--------------------------------------------------------------------------
                                   (1,400)  (2,008)           -        -

Tangible assets                   158,821  167,849            -        -
Investments:
Subsidiary companies                    -        -       94,730   92,559
Other investments                       -        -            -        -
--------------------------------------------------------------------------
                                  157,421  165,841       94,730   92,559
--------------------------------------------------------------------------

Current assets
Stocks                            118,956   92,066            -        -
Debtors falling due within one
year                               50,810   51,489       65,801   39,720
Debtors falling due after one
year                                8,220    8,037        1,656    2,046
Investments                       106,757  131,290       44,478   40,101
Cash at bank and in hand           10,975    8,586           27        -
--------------------------------------------------------------------------
                                  295,718  291,468      111,962   81,867

Creditors - amounts falling
due within one year              (112,873)(119,342)     (62,891) (46,710)
--------------------------------------------------------------------------
Net current assets                182,845  172,126       49,071   35,157
--------------------------------------------------------------------------
Total assets less current
liabilities                       340,266  337,967      143,801  127,716

Creditors - amounts falling
due after one year                (19,578) (19,206)      (8,391)  (9,008)
Provisions for liabilities and
charges                           (15,846) (14,880)           -        -
--------------------------------------------------------------------------
Net assets                        304,842  303,881      135,410  118,708
==========================================================================


Capital and reserves
Equity ordinary share capital       4,293    4,555        4,293    4,555
Non-equity preference share
capital                             7,898    7,898        7,898    7,898
-------------------------------------------------------------------------
Total called up share capital      12,191   12,453       12,191   12,453
Reserves attributable to
equity interests:
Capital redemption reserve            451      189          451      189
Revaluation reserve                37,303   43,688            -        -
Profit and loss account           211,173  204,625      122,768  106,066
-------------------------------------------------------------------------
Total shareholders' funds         261,118  260,955      135,410  118,708
Equity minority interests          43,724   42,926            -        -
-------------------------------------------------------------------------
                                  304,842  303,881      135,410  118,708
=========================================================================



                     Group Cash Flow Statement

                                                  2002        2001
                                                  £000        £000

Cash flow from operating activities             35,036      66,705

Returns on investments and servicing of
finance                                           (545)      5,067

Taxation                                       (16,026)    (14,454)

Capital expenditure and financial
investment                                     (11,720)     (4,773)

Acquisitions and disposals                        (708)      1,488

Equity dividends paid                          (10,464)    (10,305)
-----------------------------------------------------------------------
Cash (outflow) / inflow before use of
liquid resources and financing                  (4,427)     43,728

Management of liquid resources                  24,060     (29,649)

Financing                                      (19,106)    (14,561)
-----------------------------------------------------------------------

Increase / (decrease) in cash in the
period                                             527        (482)
=======================================================================





                                                  2002     2001
                                                  £000     £000
Reconciliation of net cash flow to
movement in net funds

Increase / (decrease) in cash in the
period                                             527     (482)
Cash outflow from financing                      6,162    6,723
Cash (inflow) / outflow from management of
liquid resources                               (24,060)  29,649
----------------------------------------------------------------------
Change in net funds resulting from cash
flows                                          (17,371)  35,890
Currency retranslation                             (80)    (652)
----------------------------------------------------------------------
Movement in net funds in the period            (17,451)  35,238
Opening net funds                              120,861   85,623
----------------------------------------------------------------------
Closing net funds                              103,410  120,861
======================================================================





                Group Cash Flow Statement continued


Analysis of net funds
                              At 31st May    Cash     Exchange  At 31st May
                                     2001    flow   difference         2002
                                     £000    £000         £000         £000

Cash in hand and at bank            8,586   2,396           (7)      10,975
Overdrafts                         (8,837) (1,869)         338      (10,368)
                                           -------
                                              527

Loans due within one year         (10,178)  6,162           62       (3,954)

Deposits                          107,658 (26,810)        (461)      80,387
Other current asset investments    23,632   2,750          (12)      26,370
                                           -------
                                          (24,060)
------------------------------------------------------------------------------

                                  120,861 (17,371)         (80)     103,410
==============================================================================



          Statement of Total Recognised Gains and Losses


                                                    2002          2001
                                                             (restated)
                                                    £000          £000

Profit for the financial year                     29,095        27,257
Currency retranslation                               554        (3,707)
Deficit on revaluation                            (4,932)            -
--------------------------------------------------------------------------
Total recognised gains and losses relating to the
year                                              24,717        23,550
==========================================================================
Prior year adjustment (note 1)                      (768)            -
--------------------------------------------------------------------------
Total recognised gains and losses since the last
annual report                                     23,949        23,550
==========================================================================




NOTES

1 A prior year adjustment of £768,000 has been made in respect
  of additional deferred tax provided on the adoption of Financial
  Reporting Standard 19, 'Deferred Tax'.  In addition, deferred tax
  assets and liabilities previously shown net are now included  in
  debtors or provisions as appropriate.  Comparative figures  have
  been restated accordingly.  The implementation of FRS 19 had  no
  material  effect on the profit and loss account  in  either  the
  current  or  the  prior year, consequently prior  year  taxation
  charges have not been restated.

2 Segmental reporting
                                    Third party           Profit before
                                      turnover              taxation
                                   2002       2001       2002       2001
                                   £000       £000       £000       £000

Geographical areas - by origin

    Europe                      194,827    198,092     20,387     16,296

    Africa                      150,536    119,723     19,522     14,656

    Asia                         95,357     88,247      6,885      5,907
-----------------------------------------------------------------------------
                                440,720    406,062     46,794     36,859

Investment income                                       4,444      8,941
Interest payable                                       (2,064)    (2,006)
-----------------------------------------------------------------------------
                                                       49,174     43,794
=============================================================================


3 AGM and dividend

  The  board is recommending a final dividend of 19.25p per  share
  which, together with the interim dividend of 7.00p gives a total
  distribution of 26.25p, an increase of 10.5% over the  total  of
  23.75p last year.

  The date of the annual general meeting has been fixed for Monday
  November  4th  2002  and dividend warrants  in  respect  of  the
  proposed final dividend, subject to shareholders' approval, will
  be  posted on that day to members on the register at 5.00 pm  on
  4th October 2002.

4 Basis of accounts

  The  2002  results  are  an abridged version  of  the  statutory
  accounts  for  the  year ended 31st May  2002  which  have  been
  approved   by  the  board  of  directors  and  which  carry   an
  unqualified  audit  report.  The 2001 results  are  an  abridged
  version  of the statutory accounts for the year ended  31st  May
  2001 which carry an unqualified audit report and which have been
  filed with the Registrar of Companies.  Neither accounts contain
  a  statement in respect of s.237(2) or (3) of the Companies  Act
  1985.


Enquiries 10th September 2002

PZ Cussons Plc
0161 491 8000                    Graham Calder
(Between 9.00 am and 5.15 pm)    Finance Director

Weber Shandwick Square Mile
020 7950 2800                    Terry Garrett/Josh Royston



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