AGM Trading Update

RNS Number : 0909G

McBride PLC

23 November 2020

 

23 November 2020

McBride plc

AGM Trading Update

McBride (the "Group"), the leading European manufacturer and supplier of Contract Manufactured and Private Label products for the domestic household and professional cleaning/hygiene markets, provides the following trading update ahead of its 2020 Annual General Meeting to be held later today.

The early part of the financial year has experienced demand patterns similar to those seen in the COVID-19 affected last four months of the year ended 30 June 2020. Changes to consumers' behaviours seen in the earlier stages of the pandemic have largely continued with strong demand for bleach, auto-dish and surface cleaning products offset by lower demand for laundry products.  Both the Aerosols and Asia units have experienced strong revenue growth.  Total revenues are broadly flat after the first four months and are expected to show modest growth for the first half of the year. 

Earnings growth is expected to be weighted to the first half of the year, reflecting weak comparatives in the prior period and improved margins from efficiencies, lower operating costs as well as lower input costs for certain raw material and packaging items. Whilst all factories are currently operating as normal and the supply chain for inbound and outbound materials is functioning well, the Board's full year view is cautious in light of the potential for future operational challenges resulting from Covid-19, the uncertainty arising from the Brexit process and the unknown impact on consumer demand from renewed lockdowns in our principal markets. Our full year outlook on trading therefore remains unchanged, with our current expectations for a modest improvement in year‑on‑year profitability.

The Group's interim results will be announced on 23 February 2021 and will be followed by a separate presentation providing an update on Programme Compass, McBride's new strategic initiative, along with details on our new product-led divisional strategies.

For further information please contact:
McBride plc
Chris Smith, Chief Executive Officer	0161 203 7401
Clive Jennings, Interim Chief Finance Officer	0161 203 7401
FTI Consulting LLP	020 3727 1017
Ed Bridges, Nick Hasell

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

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