McBride PLC Trading Update (1595F)
11 July 2019 - 4:00PM
UK Regulatory
TIDMMCB
RNS Number : 1595F
McBride PLC
11 July 2019
11 July 2019
McBride plc
Trading update
McBride plc (the "Group"), the leading European manufacturer and
supplier of Contract Manufactured and Private Label products for
the domestic Household and professional cleaning and hygiene
markets, today provides a trading update for the twelve months
ending 30 June 2019 and the current financial year.
Adjusted operating profit, adjusted PBT and adjusted EPS for the
year ending 30 June 2019 are anticipated to be broadly in line with
current market expectations.
Overall, underlying full year revenues from continuing
operations at constant currency were 2.7% higher than the previous
year.
Second half year trading, especially in the final quarter, was
marginally weaker than expected. In Household (now including Asia),
underlying second half growth at constant currency was 1.6% and
full year growth ended at 3.7% year on year. Second half year
revenues were 1.7% lower than the first half year, with the UK and
France especially seeing weak sales activity. The East region
continued to show good growth albeit at a lower rate than seen in
the first half year.
Net Debt closed at circa GBP121m (30 June 2018: GBP114.3m). The
Net Debt closing figure is higher than expected due to higher
working capital, partly due to phasing, as well as a translation
impact from weaker sterling.
The Group will announce its preliminary results for the year
ended 30 June 2019 on 5 September 2019.
As the Group starts its new financial year, sales activity
levels are weaker than expected. This is mostly due to slow demand
levels across a number of markets in addition to the net effect of
contract losses mostly attributable to the Group's pricing actions
last year. As a result the Group now expects Household revenues to
be flat for the 12 months to 30 June 2020 with Group earnings
expected to be slightly below the year to 30 June 2019.
Directorate update
Further to the announcement of 2 May 2019, the Group advises
that it has been agreed that Rik De Vos, CEO, will step down from
the Board of McBride on 19 July 2019 and leave the Company on 31
August 2019.
The Board announces that Chris Smith, Chief Finance Officer,
will act as Interim CEO from 22 July 2019 whilst the search for
Rik's successor is completed and will revert to his current role
once the new CEO is in place. During this interim period, David
Rattigan, currently Group Financial Controller, will assume the
role of Interim Director of Finance, responsible for the Group's
finance function.
For further information please contact:
McBride plc
Rik De Vos, Chief Executive Officer 0161 203 7570
Chris Smith, Chief Finance Officer 0161 203 7570
FTI Consulting 020 3727 1017
Ed Bridges, Nick Hasell
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
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END
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