REG - McBride PLC - Trading Update

McBrideAnnouncement

30/04/2024 07:00

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RNS Number : 4769M  McBride PLC  30 April 2024

30 April 2024

 

McBride plc

 

Trading Update

 

Continuing trading momentum from operational delivery and strong demand
levels.

Financial performance ahead of our expectations.

 

McBride plc (the "Group"), the leading European manufacturer and supplier of
private label and contract manufactured products for the domestic household
and professional cleaning and hygiene markets, today provides a trading
update.

 

Strong operational performance combined with continued high demand levels for
our high-quality private label products has meant Group trading in March and
April has been ahead of our expectations.

 

For the first nine months of the current financial year, overall volumes were
6.5% higher than the prior year, with private label volumes growing by 9.7%.
Group revenue was 8.2% higher than the prior year on a constant currency
basis, benefitting from both volume growth and the impact of pricing actions
in the last financial year to recover input cost inflation.

 

Input costs for chemicals and packaging remain at similar levels as at our
last update in February 2024, with employment, general supplies and financing
costs continuing to apply inflationary pressures. There are early signals that
certain materials will see price rises as we progress into the second half of
2024, primarily in the more sustainable materials categories. Additionally,
the Group continues to monitor and manage potential supply chain risks caused
by heightened geopolitical tensions.

 

As a result of continuing strong trading performance, the Group now
anticipates that adjusted operating profit will be c.10% ahead of current
market expectations* and that net debt / adjusted EBITDA will be close to 1.6x
by 30 June 2024.

 

The Group plans to issue a full year trading update on 16 July 2024.

 

* Group-compiled consensus of broker forecasts for FY24:

 

·      Adjusted Operating Profit £61.0m

·      Net Debt £132.0m

 

 

 McBride plc

 Chris Smith, Chief Executive Officer

 Mark Strickland, Chief Financial Officer
 Instinctif Partners                        0207 457 2020

 Guy Scarborough

 Vivian Lai

 

Note: This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulations which came into effect on 3 July
2016.

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