McBride PLC AGM Trading Update (3917U)
October 24 2017 - 2:00AM
UK Regulatory
TIDMMCB
RNS Number : 3917U
McBride PLC
24 October 2017
24 October 2017
McBride plc
AGM Trading Update
McBride plc (the "Group"), the leading European manufacturer and
supplier of Co-manufactured and Private Label products for the
Household and Personal Care market which today holds its 2017
Annual General Meeting, provides the following trading update.
At this early stage of the year the Board is comfortable that
the business remains on track to deliver its full year
expectations.
As we indicated at the time of our recent full year results
announcement, we expect our current year financial performance to
be weighted towards the second half of the year as increases in
revenues from our "Grow" strategy begin to benefit the
business.
During the first quarter revenues were 6.7% lower at constant
currency than the prior year. Household division sales were 5.1%
lower, primarily as a result of the impact of the loss of a key
contract at the end of the last financial year in Germany (East)
and weak underlying demand in France (North). Our East business has
since recovered this lost business and UK and Spain (South) have
secured contract wins and have solid growth prospects ahead. In the
Personal Care & Aerosols (PCA) division sales were 12.4% lower
than last year with half of this decline associated with the exit
last year of non-profit making contracts as part of early PCA
strategy actions to consolidate manufacturing into fewer locations.
A transformation strategy review for the PCA business has now
commenced.
The Group continues to focus on cost and efficiency initiatives
to mitigate the impact of currency, raw material and other cost
pressures.
As previously announced, the acquisition of Danlind a/s, a
Danish producer of auto dish-wash and laundry products, completed
on 29 September 2017. With the exception of this, there have been
no material events or changes in the financial position of the
Group since 1 July 2017.
Rik De Vos, Chief Executive said;
"The Group is making good progress on its growth initiatives,
including the completion of the Danlind acquisition, while ongoing
activity to deliver on our targeted opportunities mean we remain on
track to see growth in our Household business as expected this
financial year."
For further information please contact:
McBride plc
Rik De Vos, Chief Executive
Officer 0161 203 7570
Chris Smith, Chief Financial
Officer 0161 203 7570
FTI Consulting 020 3727 1017
Ed Bridges, Nick Hasell
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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