Final Results

Confidential

 

 

 

McBride plc

 ("McBride", the "Company" or the "Group")

 

Strong performance recovery through 2023

Improving momentum from private label demand surge

19 September 2023

 

McBride, the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning/hygiene markets, announces its preliminary results for the year ended 30 June 2023.

 

Improved profitability and a return to volume growth

·    Strong business performance recovery; revenue growth and improved profitability in all five divisions

·    Further improvement with customer partnering; supporting big step up in private label demand, further innovation options and improved delivery performance

·    Volume growth of +5.6%, significantly ahead of the market, with private label increasing +7.0%. Second half volumes up 9.6%, all from private label. Final quarter volume up 12.7%.

·    Inflationary pressures shifting from raw materials to labour, transport, energy and general supplies, with additional impact from interest rate rises

·    Healthy progress in key strategic focus areas; volumes in Germany +9.8% for private label, with European Laundry +6.5% - both significantly ahead of market growth

·    Continued progress on margin de-risking, with three-month sales pricing in place

·    All Transformation programmes underway, targeting £50m of benefits over five years

·    Established targets for Scope 1 and 2 emissions; targeting a 55% reduction by 2033, with Scope 3 targets to be finalised by end 2023

 

Financial highlights

·    Group revenue of £889.0m (2022: £678.3m), up 31.1% (28.4% a