McBride PLC AGM Trading Update (9013T)
November 20 2023 - 2:00AM
UK Regulatory
TIDMMCB
RNS Number : 9013T
McBride PLC
20 November 2023
20 November 2023
McBride plc
AGM Trading Update
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 the following trading update ahead of its
2023 Annual General Meeting.
Our trading update on 19 October 2023 outlined that despite
upward pressures in non-material costs, stronger than expected
sales volumes and relatively stable raw material and packaging
material costs meant that the Group traded ahead of its internal
forecasts for the first quarter.
The Group has continued to trade ahead of our expectations in
October and the early part of November, mostly a result of the
continuing consumer shift to value driving strong demand for our
high-quality private label products from our retail partners. For
the first four months of the current financial year, overall
volumes were 8.2% higher compared to prior year, with private label
volumes growing 11.7%.
Net debt reduction is progressing well and at our half year of
31 December 2023 we expect to be fully compliant with debt cover
and interest cover banking covenants, some nine months ahead of
when testing recommences in September 2024. By our year end of 30
June 2024, we anticipate net debt / adjusted EBITDA will be close
to 2x.
With only four months of the financial year complete, the Group
remains alert to the possible risk to full year results from world
events which could lead to macro-economic instability and potential
increased volatility in commodity markets and ultimately into
further input cost pressures.
For further information:
McBride plc
Chris Smith, Chief Executive
Officer
Mark Strickland, Chief Financial
Officer 0161 203 7401
Instinctif Partners
Guy Scarborough
Bryn Woodward 0207 457 2020
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END
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