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Trading statements

McBride sees FY adj. op. profit slightly ahead of views

11 July 2016 07:23

McBride expects that its adjusted operating profit for the full year will be slightly ahead of its previous expectations.

"The Group's full year performance has benefited from better than anticipated progress on cost saving initiatives, including the final year impact of the UK business restructuring project," the company said.

"Purchasing-driven savings, in part a result of the decision to reduce the Group's range of products and customers, have additionally contributed to the result.

"The simplification programme to reduce the number of small customers served by the Group remains on track with full year sales lower by approximately £6m as a result of this action.

"Additionally, revenues have continued to be affected by ongoing price pressures in a number of key markets, especially in the UK. Consequently, on a constant currency basis, Group revenues for the year ended 30 June 2016 were 1.9% lower than the prior year.

"There has been no impact to date on the Group's day-to-day operations from the outcome of the EU referendum in the UK and it remains too early to determine the longer-term effects on McBride's activities, of which approximately 70% are in subsidiaries based outside the UK.

"The Board remains confident in the execution of the "Manufacturing our Future" strategy, through the three-stage "Repair, Prepare, Grow" implementation plan. The Company will announce its preliminary results for the year ended 30 June 2016 on 7 September 2016."

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