REG - McBride PLC - Full year trading update

McBrideAnnouncement

14/07/2022 07:00

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RNS Number : 3993S  McBride PLC  14 July 2022

14 July 2022

 

McBride plc

 

Full year 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 for the twelve months ended 30 June 2022.

 

Throughout the year the Group experienced both exceptional input cost
inflation and supply chain disruptions, most recently further exacerbated by
the Ukraine war.

 

These impacts have been predominantly offset through pricing actions.

 

As a result, following first half revenue declines of 6.6% on a constant
currency basis, revenue grew by 13.4% in the second half to produce Group
revenue growth of 2.9% at constant currency for the full year.

 

The Group anticipates that adjusted operating profit will be in line with
current market consensus (*).

 

Net debt, including IFRS 16 leases, closed at circa £168m (30 June 2021:
£118.4m). The Group's liquidity at 30 June 2022 was circa £70m, £30m higher
than the minimum liquidity requirement of £40m applicable under the Group's
financing arrangements.

 

The increase in debt was driven by;

 

·    Working capital increases directly resulting from the effects of
inflation rolled up in net working capital

·    In-year losses

 

The Group continues to explore and assess all avenues to maintain liquidity
and create additional funding for the benefit of all stakeholders.

 

We are fully appreciative of the ongoing support that the banking group have
and are continuing to give the Group through this period of uncertainty caused
by macroeconomic factors which have resulted in rapid and unprecedented rises
in input costs and ongoing global supply chain challenges.

 

We expect to announce our year-end results on 29 September 2022.

 

 

(*) Current market consensus refers to full-year Group adjusted operating
profit as compiled from broker notes.

 

 For further information, please contact:

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

 FTI Consulting LLP                        020 3727 1017
 Ed Bridges, Nick Hasell

 

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