McBride Plc, Europe's leading provider of Private Label Household and Personal Care products, provides its trading update for the six months ended 31 December 2014.
Trading in the half year period was in line with the Board's expectations.
The Group delivered Private Label growth of 0.5% contributing to Group revenue on a constant currency basis in line with the prior year.
The Group's performance benefited from continued strong growth in Germany, offset by a weaker performance in Italy and Spain and a general softening in the rest of Europe.
The UK business restructuring project is progressing well and remains fully on track to deliver targeted savings of £12m by 30 June 2016, of which at least £3m will benefit the year ending 30 June 2015. It is expected that first half savings will be £1m.
Period end net debt is expected to be in line with expectations at approximately £90m. The Group's balance sheet remains strong, with substantial headroom within its committed borrowing facilities.
Further to the announcement on 18 December 2014, McBride confirms that Rik De Vos will join the Board as Chief Executive Officer on 2 February 2015.
The Group will announce its interim results for the six months ended 31 December 2014 on 5 February 2015.
For further information please contact:
Iain Napier, Chairman 020 3642 1587
David Main, Interim Chief Finance Officer 020 3642 1587
FTI Consulting 020 3727 1017
Ed Bridges, Nick Hasell