Source - LSE Regulatory
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 plc                                         

Chris Smith, Chief Executive Officer

Mark Strickland, Chief Financial Officer

 

0161 203 7401

Instinctif Partners                                

Guy Scarborough

Bryn Woodward

0207 457 2020

 

 

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulations which came into effect on 3 July 2016.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTEADFPFSLDFFA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Mcbride PLC (MCB)

+6.14p (+10.92%)
delayed 11:49AM