McBride PLC Trading Update (2936X)

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RNS Number : 2936X

McBride PLC

25 April 2023

25 April 2023

McBride plc

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 for the current financial year, ending 30 June 2023.

Against the backdrop of high levels of inflation, the Group has remained focussed on executing its "Compass" volume, revenue and cost optimisation plans. New business wins combined with favourable demand levels for private label products, have meant that output levels are more favourable than expected. Customer service levels have continued to improve significantly, in turn delivering better volumes and supporting opportunities for more strategic partnerships with key customers.

As a consequence, the Board now expects full year adjusted operating profit and full year reported loss before tax to be between GBP5m and GBP10m ahead of current market expectations (*) and for Net Debt on 30 June 2023 to be GBP15m to GBP20m lower than current market expectations (*).

The Group will issue a year end trading statement on 14 July 2023 and preliminary results are currently scheduled to be announced on 19 September 2023.

(*) Current market expectations refer to a Group compiled consensus for FY23 of;

   --      Sales Revenue GBP874m 
   --      Adjusted Operating Profit of GBP3.0m 
   --      Reported Loss Before Tax of GBP27.3m 
   --      Net Debt (incl. IFRS 16) GBP201.5 
 
 McBride plc                         0161 203 7570 
 Chris Smith, Chief Executive 
  Officer 
 Mark Strickland, Chief Financial 
  Officer 
 
 FTI Consulting LLP                  020 3727 1017 
 Ed Bridges, Nick Hasell 
 

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April 25, 2023 02:00 ET (06:00 GMT)