McBride says annual profit to be in line with market expectations

(Alliance News) - McBride PLC said it has met upgraded market expectations for its recently-ended financial year, noting an "improvement in demand".

The Manchester, England-based private label products maker for the domestic household and professional cleaning and hygiene markets said revenue in the year to June 30 grew 6.2% on a constant currency basis and 5.2% at reported rates. Revenue in financial 2023 totalled GBP889.0 million.

The growth was driven by strong sales volumes, with overall sales up 5.7% and private label up 7.2%.

The company will release its full results on September 17.

"The improvement in demand for our products has been driven by a combination of business wins and strong demand increases on existing private label contracts. We continue to make encouraging progress in our strategic and focus markets, as outlined in our recent capital markets day, driven by our strengthening customer partnerships," the company said.

Notably, contract manufacturing volumes grew 13% in the second half, bolstered by a significant contract begun in the fourth quarter.

The company predicts its adjusted operating profit to be in line with the GBP66.4 million expected by the market, so a sharp rise from GBP13.5 million the year prior.

McBride shares closed down 9.9% at 127.50 pence each in London on Tuesday.

By Aidan Lane, Alliance News reporter

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