McBride sees FY profit in line despite challenging conditions

McBride said on Tuesday that adjusted operating profit for the full year is forecast to be in line with expectations after trading conditions in the second half remained challenging, as expected.

In a trading update for the year to the end of June, the company, which manufactures and supplies products for the household and personal care market, said its ongoing initiatives to manage gross margins and maintain close control over its overhead cost base were effective in mitigating the impact of competitive markets and raw material price inflation.

Underlying group revenues for the year were down 3.8% on the previous year on a constant currency basis and the group said the impact of its customer reduction project accounted for a further 2.1% of sales reduction, such that total group revenues on a constant currency basis were 5.9% lower on the year.

"The board remains confident in the execution of the 'Manufacturing our Future' strategy and is pleased with the progress to date."

At 0925 BST, McBride shares were down 4.3% to 180p.