REG - McBride PLC - AGM Trading Update

McBrideAnnouncement

16/11/2022 07:01

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RNS Number : 5094G  McBride PLC  16 November 2022

16 November 2022

 

McBride plc

 

AGM Trading Update

 

 

Trading in line with 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 the following
trading update ahead of its 2022 Annual General Meeting later.

 

In the year to date, McBride has continued to trade in-line with our
expectations despite uncertainty in the political and macro-economic
environment. The company is making solid progress with its strategic
initiatives as identified in project compass and has significantly improved
customer service levels following the appointment of a new Group Logistics
Director.

 

The Group is focused on executing its volume and revenue plans with the
combination of new wins and private label share growth overall meaning our
factories remain busy, despite the overall market for Household products being
lower year on year.  For the first 4 months of the year, revenues are 29%
higher than the same period last year.

 

Whilst the cost of most raw material groups is steadying, input costs for
certain raw materials have continued to climb to all-time highs.  Strong
control of our cost base has balanced these higher costs in the early part of
the year such that the Group has traded in-line with our expectations.  Our
funding situation has stabilised after the recent successful refinancing, with
month end liquidity at an average of c.£61m in the first four months of the
financial year.

 

Supplies of certain raw material and packaging items remain tight and
additionally energy concerns as we head into the winter are driving input
prices further upwards and production of certain key materials downwards.
Consequently, the Group is continuing to seek mitigations with customers
either through further price increases or product engineering with the size of
the required margin recovery widely varying between product families.

 

 

 McBride plc                               0161 203 7570
 Chris Smith, Chief Executive Officer
 Mark Strickland, Chief Financial Officer

 FTI Consulting LLP                        020 3727 1017
 Ed Bridges, Nick Hasell

 

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