REG - McBride PLC - Full Year Trading Update

McBrideAnnouncement

16/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240716:nRSP4723Wa&default-theme=true

RNS Number : 4723W  McBride PLC  16 July 2024

16 July 2024

McBride plc

 

Full year trading update

 

Strong performance driven by operational delivery and private label demand

 

Adjusted operating profit in line with 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 the following
trading update for the twelve months ended 30 June 2024.

 

The Group is pleased to confirm that it has delivered the expected strong
financial and operational performance, building on the significant improvement
achieved in financial year 2023. The Group therefore anticipates that adjusted
operating profit will be in line with the recently upgraded current market
expectations (*).

 

Group revenue was 6.2% higher for the full year on a constant currency basis,
and 5.2% higher at reported rates, primarily driven by strong volumes, with
overall sales volumes up 5.7% and private label volumes up 7.2%. The
improvement in demand for our products has been driven by a combination of
business wins and strong demand increases on existing private label contracts.
We continue to make encouraging progress in our strategic and focus markets,
as outlined in our recent Capital Markets Day, driven by our strengthening
customer partnerships. Additionally, contract manufacturing volumes grew 13.4%
in the second half, driven by fourth quarter volumes from the commencement of
a significant new long-term contract.

 

The Group's improved profitability and continued focus on net debt reduction
resulted in net debt closing at £131.5m, a £14.2m reduction versus the half
year end (31 December 2023: £145.7m) and a £35.0m reduction versus the
prior year end (30 June 2023: £166.5m). The Group's closing liquidity of
£98.3m (31 December 2023: £85.0m) continues to improve and is significantly
higher than the minimum liquidity requirement of £15.0m applicable under the
Group's financing arrangements.

 

The Group's full year results will be announced on 17 September 2024.

 

* Current market expectations refer to a Group compiled consensus of broker
forecasts for FY24 of:

· Adjusted operating profit £66.4m

· Net debt £129.0m

 

 

 

For further information, please contact:

 

 McBride plc
 Chris Smith, Chief Executive Officer
 Mark Strickland, Chief Financial Officer

 Instinctif Partners                       0207 457 2020
 Guy Scarborough

     Vivian Lai

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEELFFZDLLBBQ