11th Jul 2019 09:18
LONDON (Alliance News) - Household products maker McBride PLC on Thursday warned its recently-ended financial year had a weak second half than expected, and this has continued into the new financial year.
McBride has also confirmed the departure date of Chief Executive Rik de Vos. It was announced he would be leaving early in May, at a time when McBride warned profit for the year ended June 2019 would miss market expectations.
Trading in the second half of McBride's year ended June was "marginally" weaker than expected, the firm said, with revenue down 1.7% on the first half of the year. France and the UK were especially weak.
This weakness has continued into McBride's new financial year, "mostly" due to slow demand in a number of markets as well as the effect of some lost contracts due to price increases.
As a result, earnings in the year ending June 2020 are set to fall on McBride's recently ended year.
McBride's Chief Executive de Vos will step down from the post on July 19, and leave the firm altogether on August 31. Chief Finance Officer Chris Smith will be interim CEO until a permanent successor is found.
McBride shares were 8.9% lower on Thursday morning at a price of 70.30 pence each.
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