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6 Jan 2011 07:00
6th January 2011
McBride PLC
Trading Update
McBride plc, Europe's leading supplier of Private Label Household and Personal Care products, provides its trading update for the six months ending 31 December 2010.
Revenue at constant currency has grown by 2% driven by growth in Central and Eastern Europe. The UK market has been very competitive, which, when combined with our previously announced time-lag in cost recovery, leads the Board to expect that trading profit for the first half will be around £20m.
Raw material costs continue to evolve as projected and our recovery plans are being executed as planned. We are monitoring the recent increase in commodity prices closely and will take action to recover any impact these may have on our material costs.
Net debt will be around £72m, in line with expectations.
Given the uncertain outlook for the retail sector the Board believes that the full year outlook may be towards the lower end of its expectations.
McBride also today announces its intention to implement a "B Share" scheme as a mechanism for remitting dividends. The scheme will create cash flow benefits and the Group's dividend policy remains un-changed. Arrangements for an EGM to approve the scheme will be published shortly.
The Group intends to announce its interim results for the six months ending 31 December 2010 on 8th February 2011.
For further information please contact:
McBride plc | |
Chris Bull, Chief Executive | 020 7539 7852 |
Richard Armitage, Group Finance Director | 020 7539 7851 |
Financial Dynamics | |
Ben Foster, Marc Cohen | 020 7269 7247 |
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