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McBride trading in line with expectations despite uncertainty

ALN

McBride PLC said on Wednesday it has continued to trade in line with its expectations despite wider political and macroeconomic uncertainty.

The Manchester-based domestic household manufacturer said, ahead of its annual general meeting, it was focused on executing its volume and revenue plans via a combination of new wins and private label share growth.

Revenues was 29% higher year-on-year for the four months that ended October 31, despite the overall market for household products being lower.

McBride said certain raw material costs have continued to climb to all-time highs, while the cost of most raw materials groups steadied.

It claimed its control of expenses mitigated higher costs and allowed trading to still meet its expectations.

McBride added its funding situation stabilised following refinancing, leading to an average liquidity of £61 million in the four months that ended October 31. This move was announced on September 29 in reaction to a swing in annual loss as revenue fell, and sales costs widened due to inflation.

It amended parts of its €175 million revolving credit facility, keeping it in place until May 2026 while conducting no covenant tests until September 2024. Overdrafts of £5 million and €15 million also became ancillary facilities under the RCF until September 2024.

The company added that it will pay no dividend until the RCF is refinanced.

Shares in McBride fell by 3.6% to 24.10 pence in London on Wednesday afternoon.

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