McBride PLC AGM Trading Update (8214E)
October 23 2018 - 2:00AM
UK Regulatory
TIDMMCB
RNS Number : 8214E
McBride PLC
23 October 2018
23 October 2018
McBride plc
AGM 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, provides the following trading update ahead of its 2018
Annual General Meeting later today.
The Group's first quarter continuing revenues at constant
currency were 15.4% higher than the prior year. Excluding the
benefit of first quarter revenues from Danlind, continuing
underlying revenues were 5.5% higher. Underlying Household division
sales were 5.3% higher, primarily as a result of higher sales in
the East and UK regions (up 20.8% and 11.3% respectively). Our
expectations for full year revenues are unchanged.
During the first quarter, raw material and packaging costs
together with logistics costs, especially in northern Europe, have
been slightly higher than anticipated but have been mitigated by
improved sales volumes and lower overheads. At this time, there is
increased volatility and uncertainty around future raw material and
packaging cost levels and whilst the Group will always seek to
recover or mitigate any increased input inflation, the timing of
these actions typically lag their impact. In the absence of further
near term raw material and packaging cost rises, the Board expects
full year earnings to be in line with expectations.
The sale of the European Personal Care (PC) Liquids business
remains on track, with completion expected in the final quarter of
2018, as previously announced, and the integration of Danlind is
progressing well.
Rik De Vos, Chief Executive said;
"The Group is busy completing the sale of PC Liquids,
integrating Danlind and managing revenue growth to expectations.
Margins continue to be a key focus especially against the backdrop
of potentially further increased input costs. We continue to
outperform our sector both financially and operationally in what is
a particularly challenging environment and the Group is strongly
positioned to exploit further growth and margin opportunities in
the coming year and beyond."
For further information please contact:
McBride plc
Rik De Vos, Chief Executive Officer 0161 203 7570
Chris Smith, Chief Financial 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.
-Ends-
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END
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