McBride trades in line during H1, expects small adjusted EBITA loss
By Iain Gilbert
Date: Tuesday 17 Jan 2023
(Sharecast News) - Household goods manufacturer McBride said on Tuesday that it had traded in line with expectations during the first half of its trading year, recovering to underlying profitability in the final two months of the period.
McBride said group revenues were 31% higher year-on-year at constant currency, benefiting from both the "effective pass-through of input cost inflation" and volume growth.
Customer service levels were said to have "significantly improved" as a result of "a focussed effort" during the period.
The London-listed stated that whilst there were "some early signs of stabilisation" in certain input costs towards the end of the half, costs of certain raw materials continued to increase.
"Energy and employment costs continue to apply further inflationary pressure, and accordingly we are continuing to seek mitigations including price increases, product engineering, and cost actions," said the firm.
Overall, McBride said it had delivered "an improved operational and financial performance", with the company returning to adjusted EBITA profitability in the final two months of the first half.
However, the group still expects to report "a small adjusted EBITA loss before exceptional items" at the time of its interim results.
As of 1055 GMT, McBride shares were up 1.34% at 26.55p.
Reporting by Iain Gilbert at Sharecast.com
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