Interim Management Statement

27 Oct 2008 07:00



McBride plc

27 October 2008

Interim Management Statement

McBride plc, Europe's leading provider of private label household and personal care products, which holds its 2008 Annual General Meeting today, provides its Interim Management Statement for the period from 1 July 2008 to 26 October 2008.

The overall trading performance of the Group has been in line with the Board's expectations. Group revenues in the period, compared to the equivalent period last year, have increased by 14%, including 10% from currency movements. This has been supported by continuing growth in the share of total market taken by Private Label, particularly in our largest markets in the UK, France and Italy.

Raw material prices have continued to rise during the period. We have taken a number of actions to offset these increases, including the raising of customer prices, the restructuring of our UK manufacturing base, announced in September, and further reductions in the cost base of our Western Continental European division. These improvements are progressing according to plan. 

Operating cash flow has been strong during the year to date. Net debt is expected to be around £90m at the end of October 2008, compared to £103m at 30th June 2008. 

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