AGM Statement

PZ CUSSONS PLC
01 November 2004


Under embargo until 11.45am, Monday 1 November 2004

                                  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 the Annual General Meeting.

'Before commencing our formal AGM, as has become custom, I want to continue my
practice of taking the opportunity to update you on our business and touch on
how we see things going forward. I am pleased to advise that we have continued
to progress successfully in 2004 - let me comment on some of the highlights.

As you are aware, the pre-tax profits for 2004 are the highest ever achieved by
the Group at £60m, showing an increase of 17.3%. We continued to focus on
improving margins and specific geographical markets with growth potential,
particularly Nigeria, Indonesia, Australia and the UK, and this has enabled our
unit management teams to achieve these excellent results.

Let me first turn to Nigeria. Following the peaceful elections of 2003,
Government reforms have had a positive effect on the economy.

The increased stability within the country is encouraging for the future of our
local business which has expanded significantly in recent years. As previously
reported we have now:

   • Increased the capacities of both the detergent factory at Ikorodu and
     the soap factory at Aba. Investment to upgrade these old plants will
     continue for the next few years.

   • Completed three new factories to:

(1) manufacture refrigerators, freezers and air conditioners with our Chinese
    partner, Haier. This venture is now growing rapidly, although at present 
    with relatively low margins.
(2) manufacture a new feminine hygiene range, with technical support from our
    Greek partner, Mega. After a fairly slow start, with technical difficulties 
    with the plant, considerable progress is now being made in establishing our 
    brand 'Every Day' in the markets.
(3) manufacture white detergent powder in addition to our existing factory which
    produces traditional blue powder.

In addition, the construction of the new milk factory, with our Irish partners,
Glanbia, is progressing well and on time. The factory should be fully
operational in 2005.

To take advantage of these opportunities, the Nigerian subsidiary has now been
restructured into Strategic Business Units, in order to gain more focus on its
various business segments and improve turnover, market share and profitability.

The Naira has been steady against the dollar for some time now, however the
devaluation of the dollar against the pound and the euro has impacted on margins
with the resultant higher cost of necessary imported raw materials.

Moving on to Asia; overall turnover and profitability have improved in 2004,
with the Australian subsidiary performing particularly strongly. The move of
Australian soap production to Indonesia should improve margins further. We have
recently purchased a new factory plot in Indonesia with a view to further
expansion there.

In the UK, as you will know we have recently purchased the Charles Worthington
hair care brand. In the UK these products are sold exclusively in Boots and the
relaunch during the summer of the Results range has gone well. In the States,
major changes have been made to the business following our acquisition and
operating results have improved significantly.

In Eastern Europe, the performance in Poland has continued to improve, however
export sales to Russia are running behind budget as difficulties are encountered
in the launch of products throughout that country through the extensive coverage
of our newly appointed distributor.

So, Ladies and Gentlemen, the recent investments in the UK in the Charles
Worthington and Original Source brands and in Nigeria in the white goods,
feminine hygiene and milk factories form a solid foundation for us to expand
over the next few years. The focus on improving operating margins continues.
Considerable progress is being achieved with our programme to improve our
factory efficiencies and our global sourcing and supply chain processes. These
improvements become increasingly necessary with the impact of the current high
oil prices on many of our raw material and packaging costs.

In order to cater for growth in the future considerable effort is being put in
to improve the quality of management in all units. Whilst we are proud of what
our management has achieved, we believe that to grow profitably in an
increasingly competitive environment will require greater management capability.
As such the Group is increasing its investment in training and developing
management and staff to serve the Group in the future.

Operating results for the current year are to date on line with budget and the
equity investment portfolio has continued to perform strongly.

In view of last year's strong profits performance and our strong financial
positions, we are recommending an increased final dividend of 23.95p per share,
which together with the interim dividend of 8.05p per share, will give an
increase of 10.3% on last year.

Recent years have seen considerable advances by your Group and have resulted in
our management team gaining confidence in the future opportunities to grow the
business.'

For further information contact

Graham Calder, Finance Director                                   0161 491 8000
PZ Cussons Plc

Terry Garrett / Josh Royston                                      0207 067 0700
Weber Shandwick Square Mile




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