McBride plc, a leading company in the production of household and personal care items, unveiled its Tuesday report showing a significant first-half pre-tax profit of £17.4 million. This comes in stark contrast to the £20.0 million loss documented over the same period last year.
The company's earnings per share saw an improvement, standing at 7.0 pence, a considerable leap from the 9.7 pence loss per share documented a year ago.
As per the adjusted data, McBride's pre-tax profit was £22.4 million, reversing the preceding year's £7.9 million loss. The adjusted earnings per share stood at 9.1 pence, against the loss per share of 4.2 pence reported in the past year.
Increased revenue growth was seen in the group, with a 9.8% surge to £468.0 million from the £426.3 million recorded a year ago. Revenue growth remained stable at 9.9%, even factoring in constant currency.
Total volume growth rose by 6.4%, revealing a 10.1% rise in private label volumes, capturing additional market share in the growing private label industry. According to McBride, the continued consumer and retailer transition towards high-quality private label products further fueled the company's growth.
Looking into the prospects for fiscal 2024, McBride reveals a promising outlook, noting that the demand levels in the early months align with the first-half results. The company anticipates positive trends within private label markets to persist throughout 2024.
New contract wins are set to commence their deliveries in the second half of 2024.
McBride’s emphasis on operational delivery is likely to result in the second half of the year outperforming the company’s expectations. As a result, full-year adjusted operating profit is now projected to exceed the initial projections by 10-15%.
