McBride PLC June 2022 - Bank Covenant Waiver (6006Q)

TIDMMCB

RNS Number : 6006Q

McBride PLC

29 June 2022

29 June 2022

McBride plc

June 2022 - Bank Covenant Waiver

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 update to the markets.

We are pleased to announce that our banking group has waived the June 2022 covenant tests until 30 September 2022.

In reaching the agreement of the waiver, the Group has agreed to maintain in effect the restrictions announced on 22 December 2021. These are that the Group will continue to maintain liquidity (cash plus facility headroom) of at least GBP40 million, and will not pay dividends until the Group evidences compliance with its existing covenants.

McBride had c.GBP75m of available liquidity as at 28 June 2022.

The Group continues to explore and assess all avenues to maintain liquidity and create additional funding for the benefit of all stakeholders.

We are fully appreciative of the ongoing support that the banking group have and are continuing to give the Group through this period of uncertainty caused by macroeconomic factors which have resulted in rapid and unprecedented rises in input costs and ongoing global supply chain challenges.

The Group continues to perform in line with market expectations and will provide a fuller trading update after the close of its current financial year ending 30 June 2022.

 
 For further information, please 
  contact: 
 
 McBride plc 
 Chris Smith, Chief Executive 
  Officer                           0161 203 7570 
 Mark Strickland, Chief Finance 
  Officer                           0161 203 7570 
 
 FTI Consulting LLP                 020 3727 1017 
 Ed Bridges, Nick Hasell 
 

This announcement contains inside information. The person responsible for making this announcement is Glenda MacGeekie, Company Secretary.

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June 29, 2022 02:00 ET (06:00 GMT)