McBride PLC on Tuesday said revenue and adjusted Ebitda both rose in its latest year, and proclaimed a positive outlook ‘underpinned by strong market dynamics’.
Shares in McBride were trading 18% higher at 86.53 pence early on Tuesday afternoon in London.
The Manchester, England-based domestic household products manufacturer swung to a pretax profit of £17.4 million in 2023, compared with its £20.0 million loss in 2022.
Adjusted operating profit totalled £30.5 million, swinging from the prior year’s £1.3 million loss.
McBride said revenue increased 9.8% annually to £468.0 million from £426.3 million. All five divisions delivered a ‘profitable performance’, with ‘further growth across the group’ as consumers and retailers moved to ‘high-quality private label products’.
McBride’s net debt at December 31 was £145.7 million, down from £166.5 million at June 30. Its liquidity was £85.0 million, up from £59.3 million.
‘McBride has continued with its positive momentum in the first half of this financial year,’ commented Chief Executive Officer Chris Smith. ‘It is pleasing to see all five divisions continuing to grow on a constant currency basis, supporting our customers with high-quality products to meet the consumer shift to private label.’
McBride said it expects ‘favourable trends for private label markets’ to continue throughout this year, with deliveries starting for new contract wins in the second half. Moreover, full-year adjusted operating profit looks set to be 10% to 15% ahead of ‘previous internal expectations’.
However, McBride cautioned that inflationary pressures remain, with further inflationary and supply chain risks posed by current geopolitical tensions.
‘As we progress our Transformation programme, with specific initiatives to enhance McBride’s capabilities and tools for the future, we remain focused on performance delivery today,’ CEO Smith said. ‘This focus, together with our continued drive to reduce debt levels, will ensure McBride is well positioned to achieve further progress in the near and medium term and we look to the future with confidence.’
Copyright 2024 Alliance News Ltd. All Rights Reserved.
