McBride PLC on Tuesday reiterated full-year guidance as it reported a drop in half-year profitability and a modest volume-led increase in revenue.
The Manchester, England-based private-label products manufacturer said pretax profit fell 11% to £23.0 million in the six months to December from £25.7 million the year prior, or by 1.9% to
£26.2 million from £26.7 million on an adjusted basis.
Adjusted operating profit declined 1.6% to £31.5 million from £32.0 million.
Basic earnings per share declined 18% to 9.4 pence from 11.4p or by 9.2% to 10.8p from 11.9p on an adjusted basis.
Revenue edged up 0.8% to £475.2 million from £471.4 million, aided by volume growth from both private label and contract manufacturing, but fell 2.1% at constant currency.
‘Our markets continue to see private label growth ensuring resilient demand for our leading, high-quality and excellent value products and expertise,’ observed Chief Executive Chris Smith.
McBride said its ’Transformation’ agenda continues to progress well and remains on track to deliver £50 million net benefits over five years.
McBride said the second half of the financial year has started in line with expectations with good momentum expected, backed by a healthy pipeline of contract wins which supports a solid foundation for growth in financial 2027.
As a result, McBride said it remains on track to deliver full?year results in line with analysts’ expectations for adjusted operating profit of £64.7 million, down from £66.1 million in the prior financial year.
‘At this stage, material costs are expected to remain flat and the group’s overhead costs remain under tight control,’ it added.
Shares in McBride fell 6.5% to 156.20 pence each in London on Tuesday.
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