McBride PLC Trading Update (6671Z)
January 14 2020 - 1:00AM
UK Regulatory
TIDMMCB
RNS Number : 6671Z
McBride PLC
14 January 2020
14 January 2020
McBride plc
Trading Update
McBride plc (the "Group"), the leading European manufacturer and
supplier of Contract Manufactured and Private Label products for
the domestic Household and professional cleaning and hygiene
markets, today provides a trading update for the six months ended
31 December 2019.
The Group's first half Household revenues at constant currency
were 1.4% lower compared to the prior year following a slowdown in
the last two months of the period, especially in the UK. H1 UK
revenues were 8.0% lower year on year, reflecting weaker Private
Label activity in the period. Our South, East and Asian geographies
performed well in the half year, reporting growth versus the prior
year of 15.7%, 1.6% and 10.7% respectively. France and North
continued to see declines versus the prior year (6.8% and 3.7%
respectively), consistent with the second half of the last
financial year. Reflecting the first half performance, our
expectations for the rest of the year are reduced and we now expect
full year Household revenues to decline by approximately 2% year on
year.
Reflecting the decision to exit UK Aerosol manufacture in the
fourth quarter of the previous financial year, Group continuing
revenues at constant currency were down 4.4% versus the prior
year.
During the first half year, raw material and packaging costs
remained largely stable and in line with our expectations.
Logistics costs as a percentage of revenues continued to increase,
reflecting the higher distribution costs associated with our
growing business in Germany. Cost improvement initiatives continue
across the Group and these are expected to show increased benefits
in the second half year. In the absence of significant raw material
cost changes, the Board now expects full year adjusted PBT to be
approximately 15% lower than current market expectations(*)
reflecting the impact of lower revenues.
Net debt closed the period at GBP113.5m (30 June 2019:
GBP120.9m) excluding the effect of IFRS 16. The Group remains
comfortably within all of its banking covenants. The Group will
confirm its final Net Debt balance for the period ending 31
December 2019, including IFRS 16, at the time of its interim
results announcement.
Following the appointment of Ludwig de Mot as CEO on the 1
November 2019 the Group has initiated a review of its strategy and
operations which it expects to report on during the fourth quarter
of this financial year.
The Group's interim results will be announced on 20 February
2020.
(*)Current market expectations refer to a Group compiled
consensus for FY20 of adjusted PBT GBP22.1m.
For further information please contact:
McBride plc
Ludwig de Mot, Chief Executive
Officer 0161 203 7570
Chris Smith, Chief Financial Officer 0161 203 7570
FTI Consulting LLP 020 3727 1017
Ed Bridges, Nick Hasell
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
-Ends-
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END
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