Business
Half Year Report
Half Year Report.
About this update from Mcbride Plc
[{"type":"text","content":"\n RNS Number : 8331A McBride PLC 08 February 2011 \n \n\nMcBride plc\n \n8 February 2011\n \nMcBride plc, Europe's leading provider of Private Label Household and Personal Care products, announces its Half Year Report for the six months ended 31 December 2010\n \n\n\n\n\n\n\n\n2010\n\n\n2009\n\n\n\n\n\n\n\nRevenue\n\n\n407.9\n\n\n412.4\n\n\n-1%\n\n\n\n\nRevenue (constant currency)\nOperating profit\n\n\n407.9\n18.8\n\n\n401.2\n25.5\n\n\n+2%\n-26%\n\n\n\n\nAdjusted operating profit 1\n\n\n20.2\n\n\n26.5\n\n\n-24%\n\n\n\n\nDiluted earnings per share\nAdjusted diluted earnings per share 1\n\n\n6.4p\n6.9p\n\n\n9.2p\n9.7p\n\n\n-30%\n-29%\n\n\n\n\nReturn on capital employed 1\n\n\n20.7%\n\n\n26.6%\n\n\n-5.9pts\n\n\n\n\nInterim dividend per share 2\n\n\n2.0p\n\n\n2.0p\n\n\n-\n\n\n\n\nNet debt\n\n\n72.2\n\n\n69.4\n\n\n+4%\n\n\n\n\n1 Adjusted operating profit, adjusted diluted earnings per share and return on capital employed are calculated before amortisation of intangible assets and exceptional items\n2 See Page 5& 6\n \n· 2% revenue growth at constant currency driven by Central and Eastern Europe\n· Reduction in operating profit driven by increasing raw material costs and time lag in recovery through selling price increases\n· Net cash generated from operations in line with expectations at £27.2m\n· Net debt of 1.1x annualised EBITDA\n· Recovery of 2010 material cost increases continues to be implemented, but more recent commodity market price increases are already feeding into our material costs\nChris Bull, Chief Executive, commented:\n\"We have delivered good results in a challenging environment of increasing raw material costs in all geographies, and weak retail markets particularly in the UK. We have delivered growth in Central and Eastern Europe, and our recent acquisitions in Czech Republic and Malaysia have performed in line with expectations. The restructuring programmes, announced in 2010, are delivering in line with plan.\nOur strategy review has identified significant opportunities to deliver shareholder value through focusing investment on growth categories, strengthening our relationships with key customers and improving our cost efficiency. We beli...