22nd Oct 2019 10:21
(Alliance News) - Private label manufacturer McBride PLC said Tuesday it expects its full year earnings to be in line with expectations.
In the three months to September 30, the company's first quarter, McBride said its Household revenue, at constant currency, was 1.8% higher year-on-year. McBride attributed the rise to its South, East and Asia units performing "particularly well", partially offset by declines in UK, France and North operations.
"Our expectations for full year Household revenues remain unchanged and are expected to be broadly flat versus the prior year," said McBride.
In the year ended June 30, McBride reported GBP743.2 million in total revenue, with its Household unit contributing GBP673.6 million.
Within its Aerosol unit, continuing revenues, at constant currency, were down 1.4% in the first quarter compared to the year prior with McBride blaming exits made by the UK business in the fourth quarter of financial 2019.
"During the first quarter, raw material and packaging costs, together with logistics costs, remained largely stable and in line with our expectations. In the absence of significant raw material cost changes, the board expects full year earnings to be in line with expectations, with earnings weighted to the second half of the year," the company said.
On Monday, soft drinks maker Nichols PLC said it poached McBride Interim Chief Financial Officer David Rattigan as its own new numbers chief from late February.
Rattigan will join Nichols from February 24. He is currently serving as interim finance head at McBride, after having served as financial controller for five years.
He has served as interim CFO since July, after previous incumbent Chris Smith assumed the chief executive role at the firm on an acting basis. Smith will return to his CFO role at McBride from the start of November following the appointment of a new permanent CEO.
In early October, McBride appointed Ludwig de Mot as chief executive officer with effect on November 1. De Mot will be replacing Rik de Vos, who stepped down in July after four years in the role.
De Mot will be joining from steel group ArcelorMittal SA, where he is president and chief executive officer for its Canadian mining operations
Shares in McBride were down 5.1% in London on Tuesday at 65.00 pence each.
By Paul McGowan; [email protected]
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