MCBRIDE PLC Everyday cleaning products, expertly made
McBride plc
Annual Report and Accounts 2023
What's inside
Our highlights McBride at a glance Chairman's statement Q&A with our CEO Market context Business model Business model in action Our culture
Living our values Our strategy CEO's report Our divisions CFO's report
Key performance indicators Our stakeholders
Environmental, social and governance Climate-related financial disclosures
Group non-financial and sustainability information statement
Principal risks and uncertainties Going concern and viability statement
www.mcbride.co.uk
Directors' report
Chairman's introduction to the Directors' report | 88 | |
Board of Directors | 90 | |
4 | Compliance with the UK Corporate | |
6 | Governance Code 2018 | 92 |
Corporate governance statement | 93 | |
8 | ||
Nomination Committee report | 100 | |
10 | ||
Audit and Risk Committee report | 106 | |
12 | ||
Remuneration Committee report | 115 | |
15 | ||
Statutory information | 146 | |
16 | ||
Statement of Directors' responsibilities | ||
17 | ||
in respect of the financial statements | 150 | |
21 | ||
24 |
34 Financial statements
37 | Independent auditors' report | |
39 | ||
to the members of McBride plc | 151 | |
45 | Consolidated income statement | 158 |
60 | Consolidated statement of | |
comprehensive income | 159 | |
73 | Consolidated balance sheet | 160 |
75 | Consolidated cash flow statement | 161 |
87 | Consolidated statement of changes in equity | 162 |
Notes to the consolidated financial statements | 164 | |
Company balance sheet | 212 | |
Company statement of changes in equity | 213 | |
Notes to the Company financial statements | 214 |
Additional information
Group five-year summary | 221 |
Useful information for shareholders | 222 |
Registered office and advisers | 224 |
This year, as part of our ongoing commitment to sustainability, we have taken a 'digital-first' approach, printing only a small number of copies on 100% recycled paper.
Q&A with our CEO
on pages 6 and 7
Our strategy
on pages 17 to 20
Our divisions
on pages 24 to 33
Environmental, social and governance
on pages 45 to 59
Please note, throughout this report McBride plc is referred to variously as 'McBride', the 'Company' or the 'Group'.
1 McBride plc Annual Report and Accounts 2023
Our highlights
Financial
For the year ended 30 June 2023
Revenue | Adjusted EBITDA(1) | Adjusted operating |
£889.0m | £34.1m | profit/(loss)(1) |
£13.5m | ||
(2022: £678.3m) | (2022: £(3.6)m) | (2022: £(24.5)m) |
Operating profit/(loss) | Adjusted profit/(loss) | Loss before tax from |
£10.3m | before tax(1) | continuing operations |
£0.3m | £(15.1)m | |
(2022: £(26.7)m) | (2022: £(29.6)m) | (2022: £(35.3)m) |
Adjusted return on capital | Net debt/adjusted | Free cash flow(1) from |
employed (ROCE)(1) | EBITDA(1) | continuing operations |
6.4% | 4.9x | £38.0m |
(2022: (11.4)%) | (2022: (45.7)x) | (2022: £(22.7)m) |
Non-financial(2) | ||
Health and safety | Customer service | Gender split - female(3) |
accident frequency | level (CSL) | |
0.88 | 87.4% | 38.2% |
(2022: 0.48) | (2022: 85.4%) | (2022: 38.5%) |
- Further details on APMs can be found in note 2 to the consolidated financial statements on page 174.
- Please refer to key performance indicators (KPIs) on pages 37 and 38 for further details.
- Includes employees, third-party contractors, consultants and agency workers.
Strategic report
Alternative performance measures
This review includes alternative performance measures (APMs) that are presented in addition to the standard International Financial Reporting Standards (IFRS) metrics.
The APMs are adjusted operating profit/(loss), adjusted EBITDA, adjusted finance costs, adjusted profit/(loss) before tax, adjusted earnings per share (EPS), free cash flow and cash conversion %, adjusted ROCE and net debt.
The definitions of the APMs used are listed below:
- adjusted operating profit/(loss) is operating profit/ (loss) before the amortisation of intangible assets and exceptional items;
- adjusted EBITDA means adjusted operating profit/(loss) before depreciation and amortisation;
- adjusted finance costs excludes exceptional finance costs incurred in respect of the independent business review;
- adjusted profit/(loss) before tax is based on adjusted operating profit/(loss) less adjusted finance costs;
- adjusted EPS is based on the Group's profit/(loss) for the year adjusted for the items excluded from operating profit/(loss) in arriving at adjusted operating profit/ (loss), 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 ROCE is defined as total adjusted operating profit/(loss) from continuing operations divided by average year-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.
2 | McBride plc Annual Report and Accounts 2023 | Strategic report |
McBride at a glance
With trading roots dating back to 1927, McBride boasts a strong heritage. We are private label experts in our segments. We offer end-to-end development and manufacturing capabilities to a wide range of customers across Europe and Asia Pacific.
77.7% | Our manufacturing locations | |
Europe | Asia Pacific | |
of revenue from top five European economies
>90%
top European retailers supplied
956m
units sold
3,406
colleagues globally(1)
Ho Chi Minh City
Holstebro | ||
Middleton | Hammel | Kuala Lumpur |
eper | Strzelce | |
Moyaux | Estaimpuis | |
Foetz Étain | ||
Rosporden | ||
Sallent | Bagnatica | |
Key: Liquids Unit Dosing Powders Aerosols Asia Pacific
- Includes employees, third-party contractors, consultants and agency workers.
3 | McBride plc Annual Report and Accounts 2023 | Strategic report |
McBride at a glance continued
Group functions maximising synergy benefits: | Products: | Products: | |||
• | Purchasing | • Laundry liquids and fabric conditioner | • | Auto dishwasher tablets | |
• | Logistics | • | Washing up liquid | • | Laundry capsules |
• | Central Finance | • | Surface cleaners | • | Water softener tablets |
• | IT | • Bleach and toilet cleaners |
- HR
Group sales | Group sales | Group sales |
£889.0m | 56.0% | 26.3% |
Products: | Products: | Products: | |||
• | Laundry | • | Household | • Hand/bodywash and hair care | |
• | Auto dishwash | • | Personal care | • | Skincare |
• | Stain remover | • | Insecticides | • | Auto dishwasher tablets |
• | Water softener | • | Sanitisers | • | Laundry liquids |
Group sales | Group sales | Group sales |
9.7% | 5.2% | 2.8% |
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Disclaimer
Mcbride plc published this content on 10 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2023 12:34:27 UTC.
