Trading Update

RNS Number : 5249H

McBride PLC

04 December 2020

 

4 December 2020

McBride plc

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.

Our recent AGM statement indicated that our full year earnings were expected to be weighted to the first half of the year, partly reflecting weak comparatives in the prior period. In 2019, the Group experienced a weak November and December trading period, however in 2020, these months are now expected to trade very favourably ahead of last year with the result that the Board now expects first half sales growth of approximately 2%. This improved revenue performance combined with continued factory efficiencies, limited operational impact from COVID-19, lower than expected operating costs and input costs for certain raw material and packaging items, will see a material year-on-year improvement in first half earnings. 

Consequently, the Board's current outlook for the year ending 30 June 2021 is that profit before tax is expected to be at least 10% ahead of the current market consensus of £25.2m albeit the Board remains mindful of the continued economic uncertainty created by Brexit and COVID-19, together with expected increases in certain input costs in the second half.

The Group's next scheduled update will be its half year results 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.

McBride plc
Chris Smith, Chief Executive Officer	0161 203 7401
Clive Jennings, Interim Chief Finance Officer	0161 203 7401
FTI Consulting LLP	020 3727 1000
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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