MCBRIDE PLC Everyday cleaning products, expertly made
McBride plc
Annual Report and Accounts 2021
What's inside
Chairman's statement | 4 |
Q&A with our CEO | 6 |
Our culture | 8 |
Market context | 10 |
Business model | 12 |
Our strategy | 14 |
CEO's report | 16 |
Our divisions | 20 |
CFO's report | 30 |
Key performance indicators | 34 |
Our stakeholders | 36 |
Group non-financial information statement | 40 |
Environmental, social and governance | 41 |
Principal risks and uncertainties | 54 |
Going concern and viability statement | 60 |
Directors' report
Chairman's introduction to the Directors' report | 62 |
Compliance with the UK Corporate | |
Governance Code 2018 | 65 |
Board of Directors | 66 |
Corporate governance statement | 68 |
Nomination Committee report | 75 |
Audit Committee report | 80 |
Remuneration Committee report | 87 |
Statutory information | 110 |
Statement of Directors' responsibilities | |
in respect of the financial statements | 114 |
Financial statements
Independent auditor's report | |
to the members of McBride plc | 115 |
Consolidated income statement | 122 |
Consolidated statement of | |
comprehensive income | 123 |
Consolidated balance sheet | 124 |
Consolidated cash flow statement | 125 |
Consolidated statement of changes in equity | 126 |
Notes to the consolidated financial statements | 127 |
Company balance sheet | 172 |
Company statement of changes in equity | 173 |
Notes to the Company financial statements | 174 |
Additional information
Group five‑year summary | 182 |
Useful information for shareholders | 183 |
Registered office and advisers | inside back cover |
Strategic report
Our highlights
Financial
For the year ending 30 June | ||
Revenue | Adjusted operating profit(1) | Adjusted profit before tax(1) |
£682.3m | £24.1m | £19.9m |
(2020: £706.2m) | (2020: £28.3m) | (2020: £24.2m) |
Adjusted EBITDA(1) | Operating profit | Profit before tax |
£45.5m | £15.5m | £11.3m |
(2020: £49.1m) | (2020: £15.4m) | (2020: £11.2m) |
Adjusted ROCE(1) | Debt/adjusted EBITDA(1) | Free cash flow(1) |
11.5% | 2.6x | £33.1m |
(2020: 12.8%) | (2020: 2.1x) | (2020: £64.9m) |
Non‑financial | ||
Health and safety | Customer service level | Gender split - female |
0.80% | 90.8% | 38.6% |
(2020: 0.67%) | (2020: 90.8%) | (2020: 38.5%) |
Alternative performance measures
This review includes alternative performance measures (APMs) that are presented in addition to the standard IFRS metrics.
The APMs are adjusted operating profit, adjusted EBITDA, adjusted finance costs, adjusted profit before tax, adjusted earnings per share, free cash flow and cash conversion %, adjusted return on capital employed and net debt.
The definitions of the APMs used are listed below:
- adjusted operating profit is operating profit before the amortisation of intangible assets and exceptional items;
- adjusted EBITDA means adjusted operating profit before depreciation;
- adjusted finance costs refers to figures excluding the unwind of the discount on environmental remediation provision;
- adjusted profit before tax is based on adjusted operating profit less adjusted finance costs;
- adjusted earnings per share is based on the Group's profit for the year adjusted for the items excluded from operating profit in arriving at adjusted operating profit, the unwinding of discount on provisions and the tax relating to those items;
- free cash flow is defined as cash generated from continuing operations before exceptional items and cash conversion % is defined as free cash flow as a percentage of adjusted EBITDA;
-
adjusted return on capital employed is defined
as total adjusted operating profit from continuing operations divided by average period-end capital employed. Capital employed is defined as the total of goodwill and other intangible assets, property, plant and equipment, right-of-use assets, inventories, trade and other receivables less trade and other payables; and - net debt consists of cash and cash equivalents, overdrafts, bank and other loans and lease liabilities.
- Further details on APMs can be found in note 2 to the consolidated financial statements on page 136.
McBride plc Annual Report and Accounts 2021
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Strategic report
McBride at a glance
With trading roots dating back to 1927, McBride boasts a strong heritage. We are the private label experts in our segments, with the scale to offer our development and manufacturing capabilities to customers in Europe and Asia Pacific.
74% | >90% | 962m | 3,331 |
of revenues from | top European | employees | |
top five European | retailers supplied | units sold | globally |
economies | |||
Group sales | Group sales | Group sales |
£682.3m | 55.1% | 26.6% |
Group functions maximising | Products: | Products: |
synergy benefits: | • Laundry | • Auto dishwasher tablets |
• Purchasing | • Washing up liquid | • Laundry capsules |
• Logistics | • Surface cleaners | • Water softener |
• Finance | • Bleach | |
• IT | ||
• HR | ||
McBride plc Annual Report and Accounts 2021 |
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Strategic report
Our manufacturing locations
Europe | Asia | ||
Pacific | |||
Hammel | Ho Chi MinhCity | ||
Middleton | KualaLumpur | ||
Holstebro | |||
eper | Strzelce | ||
Moyaux | Estaimpuis | ||
Foetz | Etain |
Rosporden
Sallent Bagnatica
Group sales | Group sales | Group sales |
9.7% | 5.0% | 3.6% |
Products: | Products: | Products: |
• Laundry | • Household | • Shampoo |
• Auto dishwash | • Personal care | • Liquid soap |
• Stain remover | • Insecticides | • Auto dishwasher tablets |
• Water softener | • Sanitisers | • Washing up liquid |
McBride plc Annual Report and Accounts 2021 |
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Disclaimer
Mcbride plc published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 07:21:11 UTC.
