AGM Trading Update

RNS Number : 6230Q

McBride PLC

22 October 2019

 

22 October 2019

McBride plc

AGM 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, provides the following trading update ahead of its 2019 Annual General Meeting later today.

The Group's first quarter Household revenues at constant currency were 1.8% higher versus the prior year. Our South, East and Asian geographies performed particularly well whilst the UK slowed and France and North saw declines consistent with the second half of last year. Our expectations for full year Household revenues remain unchanged and are expected to be broadly flat versus the prior year.

Reflecting the decision to exit UK Aerosol manufacture in the fourth quarter of the previous financial year, continuing revenues at constant currency were down 1.4% in the first quarter versus the prior year.

During the first quarter, raw material and packaging costs, together with logistics costs, remained largely stable and in line with our expectations. In the absence of significant raw material cost changes, the Board expects full year earnings to be in line with expectations, with earnings weighted to the second half of the year.   

The Group recently announced the appointment of Ludwig de Mot as CEO from 1 November 2019, and Jeff Nodland, previously Non-Executive Director, who becomes Chairman following today's AGM.  The Board would like to thank John Coleman for his contribution to the Company during his time as Chairman and wishes him well for the future.

The Group's interim results will be announced on 20 February 2020.

For further information please contact:

McBride plc
Chris Smith, Interim Chief Executive Officer	0161 203 7570
David Rattigan, Interim Director of Finance	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.

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