Interim Management Statement

29 Apr 2008 07:01

McBride PLC29 April 2008 29 April 2008 McBride plc Interim Management Statement McBride plc, Europe's leading provider of private label household and personalcare products, provides its Interim Management Statement for the period from 1July 2007 to 28 April 2008. During the current financial year we have experienced unprecedented andcontinuing increases in our raw material costs that have impacted our resultsfrom the start of the second quarter. To address this we have secured ouranticipated selling price increases both in the UK and Continental Europe,although there has been an inevitable time lag between the cost impact and theseselling price increases taking effect. Group revenues compared to the equivalent period last year have increased by23%. 2006/7 acquisitions have contributed 21% of this increase, 4% was fromcurrency movements. Organic revenue fell by 2% primarily reflectingsignificantly reduced levels of promotional activity during the period ofachieving our selling price increases. Contract losses during this period havebeen minimal. Despite this difficult environment, the acquisitions made in the last financialyear have continued to perform well in addition to our businesses in Italy,Personal Care and Eastern Europe. We continue to focus on improving our operational efficiency, purchasingsavings, value engineering and our overall cost base including restructuring. Given the recent further rise in the prices of oil and related products it willbe necessary to secure additional price increases. This action is expected toadversely effect results in the short term due to reduced sales from ongoing lowpromotional activity. However, this will put the Group in a stronger position aswe move into the new financial year. For further information please contact: McBride plc Miles Roberts, Chief Executive 020 7539 7852Stuart Miller, Interim Finance Director 020 7539 7851 Financial DynamicsAndrew Dowler 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange