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Troubled McBride in third profit warning

By Daily Mail Reporter
Updated: 06:26 EDT, 9 February 2011

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Britain's biggest supplier of own label cleaning products to Tesco and Sainsbury's has issued its third profits warning in less than a year citing the rising cost of raw materials.

McBride, which makes private label dishwasher and washing machine detergents, said a surge in the price of plastics and vegetable oils could add a further £7m to costs for the second half after suffering an £8m hit over the first.

Pre-tax profits fell 31% to £15.5m for the six months to December 2010 sending the shares down 8.60p to 139.60p.

Over the past two years the firm has already closed two plants shedding 100 staff, and chief executive Chris Bull, who joined from Unilever nine months ago, warned there could be more plant closures to come.

He has conducted a strategic review and plans to streamline the businesses to focus on key categories.

Branded household goods firm Reckitt Benckiser is set to update later today and is also expected to see an impact from rising raw material costs.

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