Interim Management Statement

RNS Number : 5893F

McBride PLC

28 April 2011

 



28 April 2011

McBride plc

Interim Management Statement

McBride plc, Europe's leading provider of Private Label Household and Personal Care products provides its interim management statement for the period from 1 January 2011 to 27 April 2011.

The revenue performance of the Group has been in line with the Board's expectations.  Revenue at constant currency has grown by 1%, driven by growth in Central and Eastern Europe.  Our initiatives to recover raw material price increases are continuing.

The material price escalation we outlined in February evolved as expected during quarter 3.  However, recent further escalation in commodity prices has led us to anticipate that quarter 4 material costs will be higher than expected.  Further initiatives will be implemented to recover these cost increases but the time-lag, combined with an ongoing weak trading environment, is expected to result in a further reduction in trading profit this year of around £5m.  We will continue to monitor commodity prices very closely and will act quickly to recover any further increases.

Chris Bull, Chief Executive, commented:

"We have achieved revenue growth at constant currency at a time when, particularly in the UK, retail volumes have been very weak.  The strategy review that we announced in February is on-track with the implementation of the key actions that we identified underway. We are addressing significant opportunities to deliver future shareholder value through focusing investment on growth categories and geographies, strengthening our relationships with key customers and improving our cost efficiency."

For further information please contact:
McBride plc
Chris Bull, Chief Executive	020 7539 7852
Richard Armitage, Group Finance Director	020 7539 7851
Financial Dynamics
Ben Foster, Marc Cohen	020 7831 3113

 

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