Interim Management Statement

RNS Number : 9414D

McBride PLC

03 April 2014

 



3^rd April 2014

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^stJanuary to 2^nd April 2014.

Group revenue at constant currency was 4% lower than prior year.  Private Label revenue declined by 2% due to the extraordinarily weak retail environment affecting our customers in UK and Italy, combined with branded promotional activity that has been more extensive than last year.  Our France/Benelux, Germany and Poland businesses have continued their growth trend with Private Label revenue growth of 1%, 12% and 6% respectively.

We expect an improvement in performance in our fourth quarter as a consequence of planned project launches, but for the effect to be mitigated somewhat by weak demand in the UK and Italian retail sectors. Given the unpredictability of these markets and the ongoing difficult trading conditions being encountered by our retail customers, the Board believes that it is unlikely that the Company will meet market expectations for the year ending June 2014.

As a result of the continuing weakness in sales to our UK customers over the last twelve months, the group has been carrying out a wide ranging strategic review of our UK operations, which is likely to lead to a significant restructuring of our activities, including capacity reduction. We expect to be able to announce details in our next trading statement.

For further information please contact:
McBride plc
Chris Bull, Chief Executive	020 3642 1587
Richard Armitage, Group Finance Director	020 3642 1587
FTI Consulting
Ed Bridges, Nick Hasell	020 3727 1017

 

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