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Pin to quick picksMcbride Regulatory News (MCB)

Share Price Information for Mcbride (MCB)

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Share Price: 109.00
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Change: -0.50 (-0.46%)
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Open: 111.50
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Trading Update

5 May 2021 07:00

RNS Number : 5399X
McBride PLC
05 May 2021
 

McBride Plc ("McBride", the "Company" or the "Group")

 

Trading Update

 

5 May 2021

 

McBride, the leading European manufacturer and supplier of Private Label and Contract Manufactured products for the domestic household and professional cleaning/hygiene markets, provides the following trading update.

 

In our half year results on 23 February 2021, our outlook noted increasing input costs. During most of the first quarter of 2021 we have seen increases in line with our expectations. However, in recent weeks there has been further rapid, significant and sustained price escalation for many of our raw materials, particularly core chemicals and plastics. Our current view is that we will see further double-digit increases on average across these materials and packaging items by June 2021 - more than double the rates of increase expected in mid-March 2021. Additionally, we do not see these prices returning to more normalised levels in the near future. Whilst these increases are evident across a number of the divisions, it is most impactful in our Liquids division.

 

Revenue volatility continues to be a challenge in most of our markets. Since our half year results, demand for auto-dishwash products has remained strong but volumes in household cleaners have been normalising from the peaks seen in 2020. Additionally, sales of laundry and personal care products have remained very subdued across the Group's main markets. With lockdowns lasting longer and still in place across many of our markets, we do not now expect certain category volumes to pick up in the balance of the financial year and therefore the Liquids and Aerosols businesses have reduced their demand outlook for the final quarter. As a result, the Group now expects second half constant currency revenues to be approximately 6% lower year on year.

 

Consequently the final quarter of trading for the current financial year ending 30 June 2021 is expected to be significantly weaker than the first nine months of the financial year and our full year profits (measured by EBITA) are now expected to be approximately 15% lower than the previous year.

 

The Group has moved swiftly to enact margin recovery measures, with targeted price increases and product engineering options in development. A number of cost initiatives are being accelerated, with these actions expected to deliver value in the first half of next year. Whilst the Group has made progress in the past few years to increase forward pricing cover for materials, we will look to extend this further.

 

This significant inflation impact is not expected to reset the direction for the Group under its new Compass strategy, nor change its mid-term ambitions. Indeed, this current challenge will be better managed by the new divisional structure as the response from each division can, and will, be different, with the new local management teams leading the mitigation actions. The divisions remain fully engaged with activities in support of their medium-term strategies.

 

At this stage, in light of the extreme volatility in material pricing, the Group is not providing any update to guidance for next financial year. We would expect to update our outlook in September 2021 in our preliminary results announcement.

 

 

McBride plc

Chris Smith, Chief Executive Officer

0161 203 7401

Mark Strickland, Chief Finance Officer

 

0161 203 7401

FTI Consulting LLP

Ed Bridges, Nick Hasell

020 3727 1000

 

Information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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Date   Source Headline
9th Jul 202110:32 amRNSDirectorate Change
23rd Jun 20212:42 pmRNSDirector/PDMR Shareholding
22nd Jun 20213:28 pmRNSHolding(s) in Company
14th Jun 20212:30 pmRNSDirector/PDMR Shareholding
28th May 20214:59 pmRNSTransaction in Own Shares
28th May 20219:29 amRNSRedemption of B Shares, Part of the B Share Scheme
28th May 20217:00 amRNSIssue of B Shares as part of B Share Scheme
27th May 20215:01 pmRNSTransaction in Own Shares
26th May 20215:12 pmRNSTransaction in Own Shares
25th May 20214:51 pmRNSTransaction in Own Shares
24th May 20214:50 pmRNSTransaction in Own Shares
21st May 20215:05 pmRNSTransaction in Own Shares
20th May 20215:00 pmRNSTransaction in Own Shares
19th May 20214:49 pmRNSTransaction in Own Shares
18th May 20215:09 pmRNSTransaction in Own Shares
17th May 20214:54 pmRNSTransaction in Own Shares
14th May 20214:57 pmRNSTransaction in Own Shares
13th May 20214:55 pmRNSTransaction in Own Shares
12th May 20214:56 pmRNSTransaction in Own Shares
11th May 20214:47 pmRNSTransaction in Own Shares
11th May 20217:00 amRNSSustainability Linked Revolving Credit Facility
10th May 20214:48 pmRNSTransaction in Own Shares
7th May 20214:55 pmRNSTransaction in Own Shares
6th May 20215:36 pmRNSTransaction in Own Shares
5th May 20215:06 pmRNSTransaction in Own Shares
5th May 20217:00 amRNSTrading Update
26th Apr 202110:54 amRNSHolding(s) in Company
26th Apr 202110:51 amRNSHolding(s) in Company
20th Apr 20214:55 pmRNSTransaction in Own Shares
19th Apr 20215:43 pmRNSTransaction in Own Shares
14th Apr 20215:03 pmRNSTransaction in Own Shares
8th Apr 20214:49 pmRNSTransaction in Own Shares
7th Apr 20215:01 pmRNSTransaction in Own Shares
6th Apr 20215:15 pmRNSTransaction in Own Shares
1st Apr 20215:28 pmRNSTransaction in Own Shares
22nd Mar 20214:53 pmRNSTransaction in Own Shares
19th Mar 20214:54 pmRNSTransaction in Own Shares
18th Mar 20215:00 pmRNSTransaction in Own Shares
17th Mar 20214:58 pmRNSTransaction in Own Shares
17th Mar 20211:51 pmRNSDirector Declaration
16th Mar 20215:01 pmRNSTransaction in Own Shares
15th Mar 20214:57 pmRNSTransaction in Own Shares
12th Mar 20214:50 pmRNSTransaction in Own Shares
11th Mar 20214:51 pmRNSTransaction in Own Shares
10th Mar 20214:50 pmRNSTransaction in Own Shares
9th Mar 20214:46 pmRNSTransaction in Own Shares
8th Mar 20215:01 pmRNSTransaction in Own Shares
5th Mar 20215:01 pmRNSTransaction in Own Shares
5th Mar 20218:39 amRNSDirector/PDMR Shareholding
4th Mar 20215:16 pmRNSTransaction in Own Shares

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