Edison Investment Research - McBride PLC (MCB) McBride - Resetting the business

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Edison Investment Research

Toby Thorrington

McBride - Resetting the business

McBride has delivered a good performance over H121, with higher revenues and improved gross margins. Input costs have started to increase, but the board’s expectations for the full year are unchanged. The company gave an update on its new strategy, Programme Compass, and as previously announced, the business has been reorganised into product divisions to sharpen focus, improve execution and increase speed to market. McBride has been through several strategy resets over the years and time will tell if this successfully addresses the company’s long-term challenges. The CEO has thorough knowledge of the business and there are not expected to be substantial exceptional or capital costs associated with the programme.

26/02/2021 3 EN

Underlying

McBride PLC

McBride is engaged as a supplier of Private Label Household and Personal Care products. Co. develops and manufactures products for the majority of retailers and main brand owners throughout the U.K., Europe and Asia. Co. operates across 12 countries, with 17 manufacturing facilities. Co. has two division: Household, which activities are managed by four regional teams: the U.K., North, South and East and also the U.K. business imports materials used for manufacturing from the European Union; and Personal Care and Aerosols, which comprises the personal care liquids, skincare and aerosols businesses.

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GB0005746358 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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McBride - Resetting the business

McBride: 1 director

McBride - Improving backdrop with cautious optimism

MCBRIDE sees a downgrade to Slightly Negative on account of less fundamental stars

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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