Europe's leading provider of Private Label Household and Personal Care products

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AGM Trading Update

McBride plc, the leading European manufacturer and supplier of Co-manufactured and Private Label products for the Household and Personal Care market which today holds its 2015 Annual General Meeting, provides the following trading update for the period from 1 July 2015 to 30 September 2015.

The first quarter trading performance of the Group was in line with the Board's expectations. The Group has made a solid start to the year, with Group revenues at constant currency slightly ahead of the same period last financial year.

The Group has commenced the implementation of the strategy as outlined in September alongside the full year results.

There have been no material events or changes in the financial position of the Group since 1 July 2015.

Rik De Vos, Chief Executive said;

"We continue to deliver the restructuring projects established in the past two years and we are now embarking on the key early actions in the "Repair, Prepare, Grow" strategy. It is encouraging to see the engagement of the wider McBride team with the key initiatives that are now underway."

Half Yearly Report

· Revenue increased by 0.4% on a constant currency basis. On a reported basis, revenues were 5.6% lower due to the impact of a weaker Euro on translated results.
· Group adjusted operating profit increased 57.1% on a constant currency basis (40.8% as reported).
· New segmental analysis, splitting the Group's activities into two divisions, Household and Personal Care/Aerosols ("PCA"), with Household representing approximately 80% of the Group's revenue:
· sales in Household were 0.9% higher overall with growth across most regions except in the UK, where an 8.2% fall was driven by lower private label sales and the end of some contract manufacturing business. Germany continued the progress seen last year, while France delivered growth mostly from contracts; and
· PCA saw a 1.5% sales decline, with a weak UK offset by good gains in Eastern Europe and strong growth in Asia.
· UK restructuring project on track to deliver annualised savings of £12.0 million by 30 June 2016.
· Actions from the "Repair" phase of the Group's new strategy is well under way, with plans to lower complexity through the rationalisation of our customer base down to 25% of our existing customer portfolio on track to be complete by 30 June 2016. Additionally, new purchasing initiatives started delivering benefits in the first half year.
· Adjusted profit before income tax up by 56.3% to £13.6 million (2014: £8.7m).
· Net debt at £86.3 million represents 1.6x annualised adjusted EBITDA.6
· Interim payment to shareholders of 1.2 pence, in line with new policy outlined in September 2015.
· Our Chairman Iain Napier has informed the Board of his intention to retire at the end of June this year by which time he will have completed nine years in the position.

Liberum Capital Buy 170.00 200.00 215.00 Reiterates

Panmure Gordon Buy 170.00 200.00 200.00 Retains

5+ year high @179.00p.

The unnamed partner announced today by Versarien (VRS) is McBride. Check out the matching description:

http://ir1.euroinvestor.com/asp/ir/Versarien/NewsRead.aspx?storyid=13934585&ishtml=1

http://www.mcbride.co.uk/about-us/the-investment-case