McBride, a manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning/hygiene markets, has announced its preliminary results for the year ended 30 June 2023.
The results show improved profitability and a return to growth. Adjusted operating profit was £13.5m (€15.6 million); for the year ended 30 June, a loss of £24.5m (€28.4m) was reported.
Adjusted profit before tax was £0.3m (€0.35m) (2022: loss of £29.6m (€34.3m)).
The company reported further improvement with customer partnering; supporting a big step up in private label demand, further innovation options and improved delivery performance as factors for its results.
A volume growth of 5.6%, with private label increasing by 7% was also reported.
The company said it was significantly ahead of market growth, with healthy progress in key strategic focus areas.
Chris Smith, CEO, commented: "The decisive actions taken in the last financial year helped set the foundations for the strong recovery achieved across the business.
"In combination with the hard work and dedication of our teams, McBride has delivered an impressive return to profitability and volume growth in an environment that continues to be volatile. Inflation will remain a challenge for the business into the new year, one which we believe we are better positioned to manage, driven in part by our shift to three-monthly pricing.
"The second half of the year saw encouraging momentum across the Group, underpinned by a number of new contract wins and the growing consumer shift towards private label products as cost-of-living pressures continue to impact buying behaviour. Importantly, we have continued to make good strategic progress across all divisions, with our Transformation programmes moving at pace. Overall, while the current macro environment continues to present challenges, McBride is well-positioned to deliver sustainable and profitable long-term growth."
McBride reports “impressive return to profitability”
