McBride PLC
29 April 2008
29 April 2008
McBride plc
Interim Management Statement
McBride plc, Europe's leading provider of private label household and personal
care products, provides its Interim Management Statement for the period from 1
July 2007 to 28 April 2008.
During the current financial year we have experienced unprecedented and
continuing increases in our raw material costs that have impacted our results
from the start of the second quarter. To address this we have secured our
anticipated selling price increases both in the UK and Continental Europe,
although there has been an inevitable time lag between the cost impact and these
selling price increases taking effect.
Group revenues compared to the equivalent period last year have increased by
23%. 2006/7 acquisitions have contributed 21% of this increase, 4% was from
currency movements. Organic revenue fell by 2% primarily reflecting
significantly reduced levels of promotional activity during the period of
achieving our selling price increases. Contract losses during this period have
been minimal.
Despite this difficult environment, the acquisitions made in the last financial
year have continued to perform well in addition to our businesses in Italy,
Personal Care and Eastern Europe.
We continue to focus on improving our operational efficiency, purchasing
savings, value engineering and our overall cost base including restructuring.
Given the recent further rise in the prices of oil and related products it will
be necessary to secure additional price increases. This action is expected to
adversely effect results in the short term due to reduced sales from ongoing low
promotional activity. However, this will put the Group in a stronger position as
we move into the new financial year.
For further information please contact:
McBride plc
Miles Roberts, Chief Executive 020 7539 7852
Stuart Miller, Interim Finance Director 020 7539 7851
Financial Dynamics
Andrew Dowler 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange ADLPALLPEAE
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