Trading Update & Appointment of NED

RNS Number : 0092V

McBride PLC

05 January 2012

 



5^th January 2012

McBride PLC

Trading Update and Appointment of Independent Non-executive Director

McBride plc, Europe's leading supplier of Private Label Household and Personal Care products, provides its trading update for the six months ending 31 December 2011.

Revenue at constant currency has grown by 2% with all three European divisions delivering growth.

Raw material costs continue to evolve as projected and our recovery actions have been executed as planned.  Trading Profit for the first half is anticipated to be lower than last year, in line with expectations. Exceptional charges will be around £7m reflecting previously announced Supply chain re-structuring initiatives.

Net debt at the period end will be around £86m, in line with expectations.

Chris Bull, Chief Executive, commented:  "Our first half performance has been satisfactory, with revenue growth achieved in the current challenging environment.  Raw material prices have been stable since mid-2011 and we have completed our cost recovery plans. The consumer will increasingly look for value in these difficult times and our strategic initiatives remain fully on track."

The Board is also pleased to announce the appointment of Neil Harrington as a Non-Executive Director with effect from 4 January 2012.  Neil will also serve as Chairman of the Audit Committee and as a member of the Remuneration and Nomination sub-committees of the Board.

Neil is Finance Director of Mothercare plc, a position he has held since 2006.  Prior to that Neil held various senior financial roles in Asda stores Limited, Barclays Bank plc and French Connection Group plc.

Chairman Iain Napier said: "We are delighted to welcome Neil to McBride.  His extensive and relevant financial experience will be of enormous benefit to our Company and in particular in his role as Audit Committee Chairman".

There is no other information required to be disclosed pursuant to paragraph 9.6.13 R of the Listing Rules.

The Group intends to announce its interim results for the six months ending 31 December 2011 on 9th February 2012.

For further information please contact:
McBride plc
Chris Bull, Chief Executive	020 7539 7852
Richard Armitage, Group Finance Director	020 7539 7851
FTI Consulting
Ed Bridges, Marc Cohen	020 7831 3113

 

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