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7 Jul 2011 07:00
McBride PLC
Trading Update
McBride PLC, Europe's leading provider of private label household and personal care products, today provides an update on trading for the year ended 30 June 2011 prior to entering its close period.
The Board expects to report trading profit for the year just ended in line with its expectations.
The Group anticipates reporting full-year revenue growth, on a constant currency basis, of 1% driven by growth in Central and Eastern Europe, and by acquisitions, which have offset the impact of difficult trading conditions in UK.
Year-end net debt is expected to be around £84m in line with expectations.
The Group's initiatives to reduce Supply Chain costs are progressing according to plan. We continue to expect the cost of these initiatives to be around £20m of which around £11m will be taken as an exceptional charge in the current financial year with no change to the timing of annualised benefits.
Raw material costs have evolved as projected, despite some volatility during our fourth quarter. Our initiatives to recover these increases are continuing, but where this is not possible in the current weak trading environment, we are exiting non-profitable business. A further update will be provided at the time of the Group's preliminary results announcement.
The group intends to announce its preliminary results for the year ended 30th June 2011 on 6th September 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, Ed Bridges, Marc Cohen | 020 7831 3113 |
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