14 July 2020
Trading update, Year-end reporting dates, Interim CFO
McBride plc (the "Group"), the leading European manufacturer and supplier of Contract Manufactured and Private Label products for the domestic Household and professional cleaning and hygiene markets, today provides a trading update for the twelve months ended 30 June 2020.
The Group anticipates that adjusted operating profit and adjusted profit before tax for the year ended 30 June 2020 will be ahead of current market consensus (*).
Overall, full year revenues from continuing operations at constant currency were 1.7% lower than the previous year. Household sales were flat for the full year with second half year revenues 1.3% higher than the first half year.
As indicated in our 19 May 2020 trading update, second half year trading was stronger than expected, due to increased demand for surface cleaning and dishwashing products in most of our Household markets, and due to encouraging sales of new hand sanitiser products developed by our Aerosols and Asia businesses. This was offset by a reduction in demand for laundry products over the same period. As the pandemic slows in Europe and countries ease restrictions, we have seen customer demand return to more normal levels.
Net debt, excluding IFRS16, closed at circa £93m (30 June 2019: £120.9m). It is expected that the Group will report its banking basis Debt/EBITDA ratio below 1.5x, down from 2.2x at 31 December 2019.
Year-end reporting dates
Following discussions with our statutory auditor and the adverse impact from working under Covid-19 restrictions (which are expected to impact negatively the efficiency of year-end audit and financial reporting activities), the Group intends to announce its preliminary results for the year ended 30 June 2020 on 8 September 2020 on an 'unaudited' basis. At the same time, as planned, the Group will report on progress with its strategy review. We now expect to publish our Annual Report and Accounts in early October and hold our AGM in November 2020. Precise dates will be confirmed on or before 8 September.
The Group is pleased to announce that Clive Jennings has been appointed as Interim Chief Financial Officer. Clive was formerly CFO at The Rank Group plc and joined McBride in late June. Clive has joined the Group's Executive Committee but has not been appointed to the McBride plc board. The Board has begun a formal process to identify and appoint a permanent CFO.
(*) Current market consensus refers to a Group adjusted PBT of £21.6m compiled following our May trading update.
For further information please contact:
Chris Smith, Chief Executive Officer 0161 203 7570
Clive Jennings, Chief Financial Officer (Interim) 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.