Business
Trading update
Trading update.
About this update from Mcbride Plc
[{"type":"text","content":"\n \n \n RNS Number : 8790S\n McBride PLC\n 14 July 2020\n \n \n \n 14 July 2020\n McBride plc\n Trading update, Year-end reporting dates, Interim CFO\n 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.\n Trading update\n 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 (*).\n 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. \n 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.\n 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.\n Year-end reporting dates\n 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.\n Interim CFO\n The Group is pleased to announce that Clive Jennings has been appointed as Interim Chief Financial ...