McBride PLC - December 2021 - Bank Covenant Waiver

22 December 2021

McBride plc

December 2021 - Bank Covenant Waiver

McBride plc (the "Group"), the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets, today provides the following update to the markets.

Further to our announcement of 16 December 2021, we are pleased to announce that our banking group has waived the December 2021 covenant tests.

In reaching the agreement of the waiver, the Group has agreed to maintain liquidity (cash plus facility headroom) of at least £40 million. As referenced in the announcement on 16 December 2021, McBride continues to benefit from a strong liquidity position with c.£80 million in available additional funding. Furthermore, the Group has agreed not to pay dividends until it is in compliance with its existing covenants. The Group is working with its banking group to agree the June 2022 covenants ahead of McBride announcing its interim results for the 6 months ending 31 December 2021.

We are fully appreciative of the ongoing support that the banking group are giving to the Group through this period of uncertainty caused by the rapid and unprecedented rise in input costs and the ongoing macroeconomic supply chain challenges.

For further information, please contact:

McBride plc
Chris Smith, Chief Executive Officer	0161 203 7570
Mark Strickland, Chief Finance Officer	0161 203 7570

FTI Consulting LLP	020 3727 1017
Ed Bridges, Nick Hasell

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