REG - McBride PLC - Trading Update

McBrideAnnouncement

16/01/2024 07:01

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RNS Number : 7455Z  McBride PLC  16 January 2024

16 January 2024

 

McBride plc

 

Trading Update

 

Continuing shift to private label value supporting good trading activity.

Financial performance slightly 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
for the six months ended 31 December 2023 ("the Period").

 

The Group expects to report first half adjusted operating profit slightly
ahead of our expectations.

 

Group revenue was 9.9% 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. Overall volumes
in the Period were 6.4% higher, driven by continuing momentum in private label
(private label volumes grew by 10.1%) as consumers continue to mitigate cost
of living pressures.

 

While input costs have generally stabilised, energy, employment and financing
costs continue to apply inflationary pressures. Additionally, the Group
continues to manage significant supply chain volatility.

 

The Group's focus on reducing debt and maintaining tight control of costs
resulted in net debt closing the Period at £145.7m (30 June
2023: £166.5m), with liquidity at £85.0m (30 June 2023: £59.3m),
comfortably above the minimum requirement per the banking covenant. The Group
continues to anticipate that net debt / adjusted EBITDA will be close to 2x by
30 June 2024.

 

The Group's half-year results will be announced on 27 February 2024.

 

 

 

 

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

 Instinctif Partners                       0207 457 2020

 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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