Last checked at 17 Jan 2023 07:00
17 January 2023
McBride plc
Trading Update
Trading in line with expectations
Recovery to EBITA profitability in final two months of the half
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 a trading update for the six months ended 31 December 2022 ("the period").
The Group performed in line with our expectations during the first half period.
Group revenues were 31% higher than the prior year period (at constant currency), benefiting from both the effective pass-through of input cost inflation and volume growth. Customer service levels significantly improved as a result of a focussed effort during the period and cost efficiency initiatives have continued.
Whilst there were some early signs of stabilisation in certain input costs towards the end of the period, costs of some raw materials continued to increase. Energy and employment costs continue to apply further inflationary pressure, and accordingly we are continuing to seek mitigations including price increases, product engineering and cost actions.
Overall, McBride delivered an improved operational and financial performance, with the Group returning to adjusted EBITA profitability in the final two months of the first half. The Group expects to report a small adjusted EBITA loss before exceptional items at the interim results.
Net debt closed the period at £169.4m (30 June 2022: £164.4m) with liquidity at the end of period of £56.6m, which is comfortably above its banking covenant.
The Group's interim results will be announced on 28 February 2023.
McBride plc | 0161 203 7570 |
Chris Smith, Chief Executive Officer | |
Mark Strickland, Chief Financial Officer | |
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FTI Consulting LLP | 020 3727 1017 |
Ed Bridges, Nick Hasell |