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McBride Sees FY19 Adj. Profit In Line With Market View; Warns On FY20 Earnings

McBride plc (MCB.L), a manufacturer of Contract-manufactured and private label products for cleaning and hygiene markets, on Thursday said its fiscal 2019 adjusted profit before tax, adjusted earnings per share and adjusted operating profit are expected to be broadly in line with current market expectations.

Regarding the trading in the new year, the company said its group earnings are expected to be slightly below the year 2019. The company noted that sales activity levels are weaker than expected, mainly due to slow demand levels across a number of markets.

The company now expects Household revenues for the new year to be flat.

In its trading update for the year ended June 30, 2019, the company said its overall underlying full year revenues from continuing operations at constant currency were 2.7% higher than the previous year.

Second-half year trading, especially in the final quarter, was marginally weaker than expected.

The company will announce its preliminary results for the year 2019 on September 5.

Further to the announcement of May 2, the company said it has been agreed that Rik De Vos, CEO, will step down from the Board of McBride on July 19 and leave the Company on August 31.

Chris Smith, Chief Finance Officer, will act as Interim CEO from July 22 until a successor is selected for Rik. During this interim period, David Rattigan, currently Group Financial Controller, will assume the role of Interim Director of Finance, responsible for the Group's finance function.

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