Mcbride PLC (MCB)

(Alliance News) - McBride PLC on Tuesday said trading so far in the financial year that started in July has been in line with expectations, though this will mean a fall in profit.

The Manchester, England-based private label products maker for the domestic household and professional cleaning and hygiene markets said it expects to report full-year adjusted operating profit in line with market expectations, citing a company-compiled consensus of GBP59.7 million.

This would represent an 11% decline from GBP67.1 million in adjusted operating profit last year.

The company added that progress in net debt levels also remained in line with expectations, citing a GBP111.6 million net debt consensus for the full year. This compares to GBP131.5 million at June 30.

McBride said: "The early months of the new financial year have seen revenue ahead of the same period last year and in line with internal expectations. Input costs for the main raw and packaging materials remain in line with forecasts made at the beginning of the year.

"However, with only four months of the financial year complete, the group remains cautious about the macro-economic environment and potential increased volatility in commodity markets adversely impacting input costs."

McBride did not on Tuesday provide guidance for its full-year input costs, though broker Peel Hunt has forecast cost of goods to increase 3.3% to GBP606.3 million from GBP586.9 million last year.

The group is due to release its interim results on February 25 next year.

Shares in McBride were flat at 110.00 pence each in London on Tuesday morning.

By Emily Parsons, Alliance News reporter

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