REG - McBride PLC - Trading Update

McBrideAnnouncement

17/01/2023 07:01

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RNS Number : 8819M  McBride PLC  17 January 2023

17 January 2023

 

McBride plc

 

Trading Update

 

Trading in line with expectations

Recovery to EBITA profitability in final two months of the half

 

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
for the six months ended 31 December 2022 ("the period").

 

The Group performed in line with our expectations during the first half
period.

 

Group revenues were 31% higher than the prior year period (at constant
currency), benefiting from both the effective pass-through of input cost
inflation and volume growth.  Customer service levels significantly improved
as a result of a focussed effort during the period and cost efficiency
initiatives have continued.

 

Whilst there were some early signs of stabilisation in certain input costs
towards the end of the period, costs of some raw materials continued to
increase. Energy and employment costs continue to apply further inflationary
pressure, and accordingly we are continuing to seek mitigations including
price increases, product engineering and cost actions.

 

Overall, McBride delivered an improved operational and financial performance,
with the Group returning to adjusted EBITA profitability in the final two
months of the first half. The Group expects to report a small adjusted EBITA
loss before exceptional items at the interim results.

 

Net debt closed the period at £169.4m (30 June 2022: £164.4m) with liquidity
at the end of period of £56.6m, which is comfortably above its banking
covenant.

 

The Group's interim results will be announced on 28 February 2023.

 

 

 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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