LONDON (dpa-AFX) - McBride plc (MCB.L), on Wednesday, issued a trading update for the year ended 30 June 2021, and said it expects adjusted operating profit and adjusted profit before tax for the year to be in line with current market expectations.
The company stated that it continues to experience the uneven levels of demand noted in its May trading update. The impact of Covid-19 lockdowns on consumer behaviour has seen a continuation of weaker laundry volumes and stronger demand for cleaners and dishwasher products in the second half, although demand for cleaners and dishwasher tablets softened in the final quarter.
'These weaker run rates, coupled with short-term consumer stockpiling in the comparative period in the early stage of lockdown in 2020, have resulted in lower second half revenues and full year revenues at constant currency 4.0% lower than the previous year,' the company said.
The company's net debt, including IFRS 16, closed at circa £119 million versus £101.5 million as of 30 June 2020, in line with McBride's internal expectations. The increase in net debt includes about £15 million impact from a return to more regular levels of working capital following the exceptionally low inventory levels at 30 June 2020 following destocking as a result of Covid-19.
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