12 November 2024

McBride plc

AGM Trading Update

McBride plc (the "Group"), the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets, today provides the following trading update ahead of its 2024 Annual General Meeting.

The Group is pleased to confirm that it is continuing to deliver a strong financial and operational performance and currently anticipates that adjusted operating profit for the full year to June 2025 will be in line with market expectations*. This will result in a third consecutive year of revenue growth, with profitability levels significantly ahead of the historical average.

The early months of the new financial year have seen revenue ahead of the same period last year and in line with internal expectations. The Group continues to support its wide range of customers with improved service and innovation and has an encouraging healthy pipeline of new product launches and business wins.

Input costs for the main raw and packaging materials remain in line with forecasts made at the beginning of the financial year. However, with only four months of the financial year complete, the Group remains cautious about the macro-economic environment and potential increased volatility in commodity markets adversely impacting input costs.

In September's final results announcement, the Group stated that net debt reduction would continue to be a prime focus. As with profitability, progress in debt levels remains in line with expectations*. Additionally, refinancing is progressing according to plan and is expected to complete in the coming weeks.

The Group's FY25 interim results will be announced on 25 February 2025.

* Market expectations refer to a Group compiled consensus of broker forecasts for FY25 of:

· Adjusted operating profit £59.7m

· Net debt £111.6m

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