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Pin to quick picksMcbride Regulatory News (MCB)

Share Price Information for Mcbride (MCB)

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Share Price: 111.00
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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
11th Sep 20205:00 pmRNSDirector/PDMR Shareholding
8th Sep 20207:00 amRNSFinal Results
1st Sep 20208:13 amRNSHolding(s) in Company
19th Aug 20207:00 amRNSHolding(s) in Company
14th Jul 20207:00 amRNSTrading update
26th Jun 20207:00 amRNSRedemption of B Shares
11th Jun 20207:00 amRNSDirectorate Change
19th May 20207:00 amRNSTrading Update
13th May 20204:35 pmRNSHolding(s) in Company
5th May 20205:00 pmRNSRedemption of B Shares
1st May 20207:00 amRNSChange in Remuneration Committee Responsibilities
28th Apr 20205:05 pmRNSDirector/PDMR Shareholding
25th Mar 20207:00 amRNSCOVID-19 Update
27th Feb 20205:00 pmRNSDirector/PDMR Shareholding
20th Feb 20207:00 amRNSHalf-year Report
16th Jan 20204:39 pmRNSHolding(s) in Company
14th Jan 20207:00 amRNSTrading Update
2nd Dec 20193:16 pmRNSIssue of B Shares as Part of the B Share Scheme
14th Nov 20197:00 amRNSDirectorate Change
6th Nov 20199:32 amRNSDirector/PDMR Shareholding
4th Nov 20194:00 pmRNSDirector/PDMR Shareholding
25th Oct 20193:57 pmRNSDirector/PDMR Shareholding
23rd Oct 20194:49 pmRNSResult of AGM
22nd Oct 20197:00 amRNSAGM Trading Update
15th Oct 20195:01 pmRNSTR1 Notification of major share holdings
8th Oct 20195:12 pmRNSDirector/PDMR Shareholding
8th Oct 20194:04 pmRNSDirector/PDMR Shareholding
8th Oct 20192:54 pmRNSDirector/PDMR Shareholding
7th Oct 20197:00 amRNSAppointment of Chairman Elect
4th Oct 20194:30 pmRNSHolding(s) in Company
4th Oct 20194:30 pmRNSDirector/PDMR Shareholding
4th Oct 20192:05 pmRNSAppointment of CEO and Chairman Succession
30th Sep 20194:12 pmRNSHolding(s) in Company
30th Sep 20194:05 pmRNSHolding(s) in Company
20th Sep 20194:00 pmRNSTotal Voting Rights
20th Sep 20194:00 pmRNSAnnual Report & Accounts & Notice of AGM
12th Sep 201911:06 amRNSDirector/PDMR Shareholding
5th Sep 20197:00 amRNSFinal Results
17th Jul 20193:18 pmRNSHolding(s) in Company
16th Jul 20194:25 pmRNSHolding(s) in Company
11th Jul 20197:00 amRNSTrading Update
26th Jun 20197:00 amRNSDirectorate Change
3rd Jun 20194:30 pmRNSIssue of B Shares as Part of the B Share Scheme
3rd Jun 20197:00 amRNSDirectorate Change
2nd May 20197:00 amRNSDirectorate Change and Trading Update
5th Apr 20192:23 pmRNSDirector/PDMR Shareholding
25th Mar 20194:38 pmRNSDirector Declaration
22nd Feb 201910:14 amRNSHolding(s) in Company
21st Feb 20197:00 amRNSHalf-year Report
20th Feb 20197:00 amRNSTrading Update

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