McBride Annual Earnings To Be Below Forecasts, Boss To Step Down

LONDON (Alliance News) - McBride PLC on Thursday said Chief Executive Rik De Vos decided to ...

Alliance News 2 May, 2019 | 11:08AM
Email Form

LONDON (Alliance News) - McBride PLC on Thursday said Chief Executive Rik De Vos decided to leave, but will remain in position while his successor is being recruited.

In addition, the household goods manufacturing company said it now expects its full year earnings to be modestly lower than current market expectations, as a result of weaker than expected sales activity in Germany, France and Italy.

The stock was trading 9.2% lower on Thursday at 95.50 pence a share.

A search for new CEO will commence immediately, McBride said, and De Vos' departure date will be announced "in due course".

"In recent years, we have achieved much in a challenging trading environment," said De Vos.

"However, I now consider that the group requires different leadership to deliver the next phase of its growth ambitions. I'm confident that I will be leaving McBride well positioned to realise these ambitions," added De Vos.

McBride expects to provide a trading update for the 12 months ending June 30 in early July, it said.

By Evelina Grecenko;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
McBride PLC 61.60 GBX 0.98 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies