McBride grows first-half profits as volumes improve
By Benjamin Chiou
Date: Tuesday 25 Feb 2025
(Sharecast News) - White-label and branded cleaning products group McBride managed to grow profits and revenues in its first half, and said it remains on track to hit full-year forecasts, helped by market conditions and operational delivery.
Revenues in the six months to 31 December totalled £471.1m, up 0.7% on the previous year but 2.9% higher if currencies had remained stable.
Group volumes were up 5.9% year-on-year, with progress in McBride's core strategic focus areas of Germany and the laundry market. Meanwhile, contract manufacturing volumes were 69% higher, making up 13.4% of total revenue (up 1.9% on last year), with the company hoping to grow this proportion to 25% of total revenue.
"Despite the backdrop of inflation, strong operational delivery, careful management of costs and tight management of margins have contributed to a period of steady, sustainable growth," the company said.
Adjusted pre-tax profit were up 4.3% year-on-year at £26.7m, while net debt reduced to £117.6m from £145.7m a year earlier.
"With the group's prospects in a much healthier position and with a more normalised debt position, the board recently announced its intention to reinstate an annual dividend, details of which will be communicated at the time of the final results in September 2025," said chief executive Chris Smith.
McBride said full-year earnings are on track to be line with internal expectations.
"Materials costs are generally flat, with the rises in certain materials costs seen in the second quarter expected to moderate in the second half, but other inflation remains evident across our activities," the company said.
Shares were down 2.5% at 139p in early deals on Tuesday.
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