Trading Update

McBride PLC
30 April 2024
 

30 April 2024

 

McBride plc

 

Trading Update

 

Continuing trading momentum from operational delivery and strong demand levels.
Financial performance ahead of our expectations.

 


McBride plc (the "Group"), the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets, today provides a trading update.

 

Strong operational performance combined with continued high demand levels for our high-quality private label products has meant Group trading in March and April has been ahead of our expectations.

 

For the first nine months of the current financial year, overall volumes were 6.5% higher than the prior year, with private label volumes growing by 9.7%.  Group revenue was 8.2% higher than the prior year on a constant currency basis, benefitting from both volume growth and the impact of pricing actions in the last financial year to recover input cost inflation.

 

Input costs for chemicals and packaging remain at similar levels as at our last update in February 2024, with employment, general supplies and financing costs continuing to apply inflationary pressures. There are early signals that certain materials will see price rises as we progress into the second half of 2024, primarily in the more sustainable materials categories. Additionally, the Group continues to monitor and manage potential supply chain risks caused by heightened geopolitical tensions.

 

As a result of continuing strong trading performance, the Group now anticipates that adjusted operating profit will be c.10% ahead of current market expectations* and that net debt / adjusted EBITDA will be close to 1.6x by 30 June 2024.

 

The Group plans to issue a full year trading update on 16 July 2024.

 

* Group-compiled consensus of broker forecasts for FY24:

 

·      Adjusted Operating Profit £61.0m

·      Net Debt £132.0m

 

 

McBride plc

Chris Smith, Chief Executive Officer

Mark Strickland, Chief Financial Officer



Instinctif Partners

Guy Scarborough

Vivian Lai

0207 457 2020

 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 

Companies

Mcbride (MCB)
UK 100