Interim Results

PZ CUSSONS PLC
11 February 2003


                          PZ CUSSONS PLC

                       INTERIM ANNOUNCEMENT


Highlights

* Turnover and operating profitability have improved in all
  three regions
* Operating profits increased by 18.3% to £25.1m from £21.2m
* Net  investment  losses suffered of £3.9m, against  income  of
  £1.3m,  as  a  result of the decline in value  of  the  investment
  portfolio
* Pre-tax profits decreased by 5.7% to £21.2m, down from £22.5m
* Diluted earnings per share decreased by 4.9% to 29.3p from
  30.8p
* Net funds declined to £62.2m from £103.4m at 31st May 2002,
  with £10.8m being spent on the share buy back programme, £11.3m on
  the purchase of Original Source and significant investment in
  factory production capacity and working capital, particularly in
  Nigeria and Indonesia
* The interim dividend has been raised by 7.1% to 7.50p per
  share from 7.00p

Europe

Turnover  and profitability have improved in the UK.  The successful
development of the Imperial Leather brand continued with the  launch
of  the  new  Bathtime  range.  The brand received  extensive  media
support  during the period with the highlight of the sponsorship  of
the very successful Manchester Commonwealth Games.

In  late September the Original Source brand was purchased and sales
to date have exceeded expectations.

Poland  continues  to  be  a difficult market  however  considerable
progress  has been achieved in strengthening the management  of  the
marketing and sales functions and in relaunching the major brands  E
(detergents), Luksja (soaps), Makler and Graphite (men's) and Kwiaty
Polskie (skin care).

Greece  performed strongly with sales and profits up on  last  year,
largely  as a result of growth in the olive oil brands, Minerva  and
Horio.

Africa

Sales  and profits moved strongly forward in Nigeria.  The programme
of  improving and expanding existing factories and investing in  new
product  capacity  is  enabling the subsidiary  to  meet  increasing
consumer  demand and grow.  Projects to manufacture white  detergent
powder  and  a  feminine hygiene range are now largely complete  and
should be operational in the next few months.  The investment in the
factories  and in stocks has necessitated a significant increase  in
local borrowings to fund the various new initiatives.

The  results for Ghana and Kenya are similar to last year.  The sale
of  a  non-operational property in Cameroun resulted in a profit  of
£1.8m.

Asia

The  region  continued  to achieve significant  growth  and  profits
increased,  although at a lower rate than last  year,  with  margins
reducing as a result of large increases in raw material prices.

The expansion programme in Indonesia has resulted in greater factory
capacity  and  considerable progress with the strategy  to  increase
distribution and to introduce new extensions to the successful brand
ranges.

Thailand  and  Australia achieved strong sales growth,  Middle  East
maintained  profitability in a difficult market and China  continued
to incur losses, although at a somewhat lower level than in 2001.

Investments

As  indicated in the 2002 accounts, the overall fall in world  stock
markets  impacted significantly in the first half-year and  resulted
in losses of £3.7m on the portfolio.  The value of the listed equity
portfolio has been reduced to £10.8m at 30th November from £25.5m at
31st May.

Purchase of own shares

The  company has continued to purchase its own shares in the  market
with  the  objective of improving earnings per share.   In  the  six
months  to  30th November 2002, 250,000 ordinary and  1,175,000  'A'
ordinary shares were purchased at a total cost of £10.8m.

Directors

Mr  A  Kanellis will be joining the board of PZ Cussons Plc  on  1st
June  2003  as  Regional Director Pacific.  Mr  Kanellis  joined  PZ
Cussons  in  1993 and in recent years has been managing director  of
our rapidly expanding Indonesian subsidiary.

Other matters

A Deferred Annual Share Bonus Scheme was introduced on 1st June 2000
for  main  board  executive directors (excluding the  chairman)  and
certain key subsidiary directors.  Consideration is now being  given
to the adoption of a Long Term Share Option Scheme.

The current memorandum and articles were produced some years ago and
a review is now being carried out to bring them in line with current
practice.

It  is  intended to write to shareholders with details of the above,
seeking  their  approval at an extraordinary general meeting  to  be
held in late April or early May.

Dividends

An  interim  dividend of 7.50p per share for the half-year  to  30th
November 2002 (2001 - 7.00p) has been declared, payable on 7th April
2003  to  ordinary and 'A' ordinary shareholders on the register  on
7th March 2003.


                                                     £000        £000
-----------------------------------------------------------------------
Profit for the period                                          12,866
Dividends:
  Preference shares
   7% cumulative                                     (29)
   10% cumulative                                    (356)
-----------------------------------------------------------------------
                                                                 (385)
  Ordinary and 'A' ordinary shares
   Interim at 7.50p                                            (3,083)
   Adjustment for May 2002 proposed final at 19.25p
   on cancelled shares                                            132
-----------------------------------------------------------------------
Profit retained                                                 9,530
=======================================================================

Outlook

PZ Cussons' focus continues to be to improve operating profitability
and to pursue growth in all units, in particular the UK, Nigeria and
Indonesia.

The balance sheet remains strong, giving the group adequate funds to
finance planned opportunities for growth and to have the flexibility
to continue to purchase its own shares.

In  the  first half-year operating profit improvement was restricted
by  the  strength of sterling against the dollar and the  naira  and
also  by  increases  of  £3m  in annual insurance  premiums.   These
factors  will  also  impact  on the second  half,  although  trading
operations continue to perform strongly.



11th February 2003



                          PZ CUSSONS PLC


Consolidated profit and loss account

                               Half-year            Half-year               Year to
                           30th November        30th November              31st May
                                    2002                 2001                  2002
                                    £000                 £000                  £000

Turnover                         233,802              212,798               440,720
-------------------------------------------------------------------------------------

Operating profit                  25,135               21,242                46,794

Net investment income /
interest payable                  (3,888)               1,285                 2,380
-------------------------------------------------------------------------------------

Profit before taxation            21,247               22,527                49,174

Taxation
  United Kingdom                  (1,900)              (2,943)               (5,282)
  Overseas                        (5,109)              (4,288)              (11,003)
-------------------------------------------------------------------------------------
                                  (7,009)              (7,231)              (16,285)
-------------------------------------------------------------------------------------

Profit after taxation             14,238               15,296                32,889

Equity minority
interests                         (1,372)              (1,339)               (3,794)
-------------------------------------------------------------------------------------

Profit attributable to
members of the company            12,866               13,957                29,095

Dividends                         (3,336)              (3,015)              (11,610)
-------------------------------------------------------------------------------------

Profit for the period
retained                           9,530               10,942                17,485
=====================================================================================

Basic earnings per
ordinary and 'A'
ordinary share of 10p              29.57p               30.98p                65.50p

Diluted earnings per
ordinary  and 'A'
ordinary share of 10p              29.30p               30.80p                65.09p


Dividend per ordinary
and 'A'   ordinary
share of 10p                        7.50p                7.00p                26.25p



                          PZ CUSSONS PLC


Consolidated balance sheet

                                   30th November  30th November      31st May
                                            2002           2001          2002
                                            £000           £000          £000
--------------------------------------------------------------------------------

Fixed assets
Intangible assets:
Goodwill                                     961            497           988
Negative goodwill                         (2,323)        (2,454)       (2,388)
--------------------------------------------------------------------------------
                                          (1,362)        (1,957)       (1,400)
Other intangible fixed assets             10,537              -             -
Tangible assets                          146,112        159,589       158,821
Investments                                1,022            542             -
--------------------------------------------------------------------------------
                                         156,309        158,174       157,421
--------------------------------------------------------------------------------
Current assets
Stocks                                   129,715        109,245       118,956
Debtors due within one year               62,471         54,994        50,810
Debtors due after one year                 7,890          8,083         8,220
Investments                               80,303        103,488       106,757
Cash at bank and in hand                  14,229          9,187        10,975
--------------------------------------------------------------------------------
                                         294,608        284,997       295,718
Creditors (due within one year)
Bank loans and overdrafts                (32,349)       (15,529)      (14,322)
Others                                  (100,425)       (93,060)      (98,551)

--------------------------------------------------------------------------------
                                        (132,774)      (108,589)     (112,873)
--------------------------------------------------------------------------------

Net current assets                       161,834        176,408       182,845
--------------------------------------------------------------------------------

Total assets less current liabilities    318,143        334,582       340,266
Creditors (due after one year)           (17,826)       (18,921)      (19,578)
Provisions for liabilities and charges   (14,991)       (14,872)      (15,846)
--------------------------------------------------------------------------------

Net assets                               285,326        300,789       304,842
================================================================================

Capital and reserves
Equity ordinary share capital              4,150          4,309         4,293
Non-equity preference share capital        7,898          7,898         7,898
--------------------------------------------------------------------------------
Total called up share capital             12,048         12,207        12,191
Reserves attributable to equity
interests                                233,987        243,372       248,927
--------------------------------------------------------------------------------
Total shareholders' funds                246,035        255,579       261,118
Equity minority interests                 39,291         45,210        43,724
--------------------------------------------------------------------------------
                                         285,326        300,789       304,842
================================================================================


                          PZ CUSSONS PLC


Group cash flow statement

                                         Half-year            Half-year               Year to
                                     30th November        30th November              31st May
                                              2002                 2001                  2002
                                              £000                 £000                  £000
------------------------------------------------------------------------------------------------
Cash flow from operating activities          8,672                6,156                35,036

Returns on investments and servicing of
finance                                     (4,939)                 577                  (545)

Taxation                                    (7,116)              (5,320)              (16,026)

Capital expenditure and financial
investment                                 (16,880)              (5,178)              (11,720)

Acquisitions and disposals                       -                 (708)                 (708)

Equity dividends paid                       (8,080)              (7,479)              (10,464)
------------------------------------------------------------------------------------------------

Cash outflow before use of liquid
resources and financing                    (28,343)             (11,952)               (4,427)
Management of liquid resources              23,540               27,937                24,060
Financing                                   (4,506)             (11,221)              (19,106)
------------------------------------------------------------------------------------------------

(Decrease) / increase in cash in the
period                                      (9,309)               4,764                   527
================================================================================================

Reconciliation of net cash flow to
movement in net funds

(Decrease) / increase in cash in the
period                                      (9,309)               4,764                   527
Cash (inflow) / outflow from financing      (6,294)                (552)                6,162
Cash inflow from management of liquid
resources                                  (23,540)             (27,937)              (24,060)
------------------------------------------------------------------------------------------------

Change in net funds resulting from cash
flows                                      (39,143)             (23,725)              (17,371)
Currency retranslation                      (2,084)                  10                   (80)
------------------------------------------------------------------------------------------------

Movement in net funds in the period        (41,227)             (23,715)              (17,451)

Opening net funds                          103,410              120,861               120,861

Closing net funds                           62,183               97,146               103,410
================================================================================================

Reconciliation of operating profit to
operating cash flows

Operating profit                            25,135               21,242                46,794
Amortisation of goodwill and other
intangible assets                               95                  (51)                  (81)
Depreciation and adjustments on
disposals                                    8,373                8,779                16,263
Provisions                                     369                 (190)                  529
Stocks                                     (23,160)             (16,457)              (29,418)
Debtors                                    (12,888)              (2,301)                2,500
Creditors                                   10,748               (4,866)               (1,551)
------------------------------------------------------------------------------------------------
Net cash flow from operating activities      8,672                6,156                35,036
================================================================================================


                          PZ CUSSONS PLC


Group cash flow statement continued

Analysis of net funds
                                 At 31st                                  At 30th
                                     May         Cash        Exchange    November
                                    2002         flow      difference        2002
                                    £000         £000            £000        £000
-------------------------------------------------------------------------------------
Cash in hand and at bank          10,975        3,944            (690)     14,229
Overdrafts                       (10,368)     (13,253)          1,337     (22,284)
-------------------------------------------------------------------------------------
                                               (9,309)

Loans due within one year         (3,954)      (6,294)            183     (10,065)

Deposits                          80,387       (8,157)         (2,880)     69,350
Other current asset investments   26,370      (15,383)            (34)     10,953
-------------------------------------------------------------------------------------
                                              (23,540)
-------------------------------------------------------------------------------------

                                 103,410      (39,143)         (2,084)     62,183
=====================================================================================



Statement of total recognised gains and losses

                                         Half-year            Half-year               Year to
                                     30th November        30th November              31st May
                                              2002                 2001                  2002
                                              £000                 £000                  £000
------------------------------------------------------------------------------------------------

Profit for the period                       12,866               13,957                29,095
Currency retranslation                     (13,813)                 465                   554
Deficit on revaluation                           -               (5,010)               (4,932)
------------------------------------------------------------------------------------------------
Total recognised gains and losses
relating to the period                        (947)               9,412                24,717
================================================================================================

Reconciliation of movement in shareholders' funds

                                         Half-year            Half-year               Year to
                                     30th November        30th November              31st May
                                              2002                 2001                  2002
                                              £000                 £000                  £000
------------------------------------------------------------------------------------------------

Total recognised gains and losses
relating to the period                        (947)               9,412                24,717
Dividends                                   (3,336)              (3,015)              (11,610)

Purchase of own shares                     (10,800)             (11,773)              (12,944)
------------------------------------------------------------------------------------------------

Net (decrease) / increase in
shareholders' funds                        (15,083)              (5,376)                  163
Opening shareholders' funds                261,118              260,955               260,955
------------------------------------------------------------------------------------------------
Closing shareholders' funds                246,035              255,579               261,118
================================================================================================


                          PZ CUSSONS PLC


Note

The half-year figures are unaudited.  The figures for the year ended
31st  May  2002  are  an  abridged statement of  the  group  audited
accounts  for  that  year.   The  audited  accounts,  containing  an
unqualified  audit report, have been delivered to the  Registrar  of
Companies.


Enquires 11th February 2003

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


Weber Shandwick / Square Mile   Terry Garrett / Josh Royston
020 7067 0000



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