McBride plc : - Trading Update

McBride PLC

Trading Update

McBride PLC, Europe's leading provider of Private Label Household and Personal Care products, provides a trading update for the period from 1st January to 20th March 2013.

Group revenue at constant currency for the period is 6% lower than the prior year.  Our previously announced product launches are being executed broadly in line with plan, but underlying sales volumes have been affected by weaker consumer demand in Western Europe, combined with a very recent, unusually strong and prolonged period of branded promotional activity.  Accordingly, Group revenue for the full year is now expected to be around 3% lower than expectations, reflecting some continuation of weaker consumer demand into our fourth quarter, and therefore adjusted operating profit will also be lower.

Looking forward, the Board believes that McBride's strategy will lead to growth in Private Label revenue during our fourth quarter, as a consequence of our product launch plan, and despite the weak market conditions.  In addition, decisive action is being taken to accelerate existing cost reduction plans.

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