McBride plc : - AGM & Interim Management Statement

15th October 2012

McBride PLC

AGM & Interim Management Statement

McBride PLC, Europe's leading provider of Private Label Household and Personal Care products, which holds its 2012 Annual General Meeting today, provides its interim management statement for the period from 1 July 2012 to 14 October 2012.

As a result of the previously announced wind-down in contract manufacturing during the first half of the financial year, we have seen a decline in Group revenue in constant currency of 7% over the period.  The rate at which the contract manufacturing business declined has been faster than anticipated due to weaker consumer demand for the relevant branded products.  We therefore expect trading profit in the first half to be impacted by around £2 million, primarily as a consequence of this wind down in contract manufacturing. Accordingly we expect that the Group's full year performance could be impacted by that amount for the same reason.

Other than as described above, there have been no material events or changes in the financial position of the Group since 1 July 2012.

Chris Bull, Chief Executive, commented:

"As we indicated at the full year, our financial performance this year will be second-half weighted as some contract manufacturing business is wound down, allowing us to grow our Private Label business in the second half and beyond.  Although our contract manufacturing business has declined more rapidly than expected in the first half, I remain very encouraged by the progress being made by the business overall."