Interim Management Statement

RNS Number : 9035U

McBride PLC

25 October 2010

 



25 October 2010

McBride plc

AGM & Interim Management Statement

McBride plc, Europe's leading provider of Private Label Household and Personal Care products, which holds its 2010 Annual General Meeting today, provides its interim management statement for the period from 1 July 2010 to 24 October 2010.

The trading performance of the Group has been in line with the Board's expectations.

Revenue at constant currency has grown by 1%, despite the effect of exiting low margin business in Spain earlier in the year, and that of a one-off benefit in the prior year due to increased demand for anti-bacterial products in response to the Swine Flu scare.

The raw material price pressures we outlined in September continue to evolve as expected.  We are pleased to report that our initiatives to recover these increases are progressing to plan.

The re-structuring programmes announced during 2010 have been completed to schedule and benefits will be delivered as expected.  The integration of our recent acquisitions is progressing and the businesses are performing well.

There have been no material events or changes in the financial position of the Group since 1 July 2010.

Chris Bull, Chief Executive, commented:

"Whilst our markets remain highly competitive, we continue to see growth in our core categories and the benefit of ongoing cost reduction programmes.  We will maintain our focus on growing those categories in which we can add value to our consumers and developing stronger relationships with our key customers."

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, Marc Cohen	020 7269 7247

 

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