REG - McBride PLC - AGM Trading Update

McBrideAnnouncement

20/11/2023 07:00

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RNS Number : 9013T  McBride PLC  20 November 2023

20 November 2023

 

McBride plc

 

AGM Trading Update

 

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 2023 Annual General Meeting.

 

Our trading update on 19 October 2023 outlined that despite upward pressures
in non-material costs, stronger than expected sales volumes and relatively
stable raw material and packaging material costs meant that the Group traded
ahead of its internal forecasts for the first quarter.

 

The Group has continued to trade ahead of our expectations in October and the
early part of November, mostly a result of the continuing consumer shift to
value driving strong demand for our high-quality private label products from
our retail partners. For the first four months of the current financial year,
overall volumes were 8.2% higher compared to prior year, with private label
volumes growing 11.7%.

 

Net debt reduction is progressing well and at our half year of 31 December
2023 we expect to be fully compliant with debt cover and interest cover
banking covenants, some nine months ahead of when testing recommences in
September 2024. By our year end of 30 June 2024, we anticipate net debt /
adjusted EBITDA will be close to 2x.

 

With only four months of the financial year complete, the Group remains alert
to the possible risk to full year results from world events which could lead
to macro-economic instability and potential increased volatility in commodity
markets and ultimately into further input cost pressures.

 

 

For further information:

 

 McBride                                                                                 0161 203 7401
 plc

 Chris Smith, Chief Executive Officer

 Mark Strickland, Chief Financial Officer

 Instinctif                                                                              0207 457 2020
 Partners

 Guy Scarborough

 Bryn Woodward

 

 

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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