McBride PLC Trading update (8790S)
14 July 2020 - 4:00PM
UK Regulatory
TIDMMCB
RNS Number : 8790S
McBride PLC
14 July 2020
14 July 2020
McBride plc
Trading update, Year-end reporting dates, Interim CFO
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
ended 30 June 2020.
Trading update
The Group anticipates that adjusted operating profit and
adjusted profit before tax for the year ended 30 June 2020 will be
ahead of current market consensus (*).
Overall, full year revenues from continuing operations at
constant currency were 1.7% lower than the previous year. Household
sales were flat for the full year with second half year revenues
1.3% higher than the first half year.
As indicated in our 19 May 2020 trading update, second half year
trading was stronger than expected, due to increased demand for
surface cleaning and dishwashing products in most of our Household
markets, and due to encouraging sales of new hand sanitiser
products developed by our Aerosols and Asia businesses. This was
offset by a reduction in demand for laundry products over the same
period. As the pandemic slows in Europe and countries ease
restrictions, we have seen customer demand return to more normal
levels.
Net debt, excluding IFRS16, closed at circa GBP93m (30 June
2019: GBP120.9m). It is expected that the Group will report its
banking basis Debt/EBITDA ratio below 1.5x, down from 2.2x at 31
December 2019.
Year-end reporting dates
Following discussions with our statutory auditor and the adverse
impact from working under Covid-19 restrictions (which are expected
to impact negatively the efficiency of year-end audit and financial
reporting activities), the Group intends to announce its
preliminary results for the year ended 30 June 2020 on 8 September
2020 on an 'unaudited' basis. At the same time, as planned, the
Group will report on progress with its strategy review. We now
expect to publish our Annual Report and Accounts in early October
and hold our AGM in November 2020. Precise dates will be confirmed
on or before 8 September.
Interim CFO
The Group is pleased to announce that Clive Jennings has been
appointed as Interim Chief Financial Officer. Clive was formerly
CFO at The Rank Group plc and joined McBride in late June. Clive
has joined the Group's Executive Committee but has not been
appointed to the McBride plc board. The Board has begun a formal
process to identify and appoint a permanent CFO.
(*) Current market consensus refers to a Group adjusted PBT of
GBP21.6m compiled following our May trading update.
For further information please contact:
McBride plc
Chris Smith, Chief Executive Officer 0161 203 7570
Clive Jennings, Chief Financial Officer (Interim) 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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