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Mcbride PLC (MCB)
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McBride reaps cost control benefits as interim profit jumps
(Alliance News) - McBride PLC on Tuesday said it remains focused on "driving performance excellence", as the firm reiterated its intention for an annual dividend and posted improved revenue.
McBride is a Manchester, England-based private label products maker for the domestic household and professional cleaning and hygiene markets.
Revenue increased 0.7% to GBP471.4 million in the six months to December 31, from GBP468.0 million the prior year, as consumers and retailers continue to switch to "high-quality, excellent value private label products", which it said supported continued growth.
The firm reported volume growth of 5.9% over the period, with private label volumes up 2.4% and contract manufacturing surging 69% following the launch of two contracts.
Pretax profit surged 47% to GBP25.7 million from GBP17.4 million, while cost of sales for the period stayed flat at GBP297.1 million.
Also supporting the bottom line was a reduction in finance costs, which fell 56% to GBP5.3 million from GBP12.1 million.
The firm credited its "steady, sustainable growth" to "strong operational delivery, careful management of costs and tight management of margins".
Shares in the firm were trading up 4.6% at 148.99 pence on Tuesday afternoon in London.
In January the firm said it would be reinstating its annual dividend following an "ongoing strong trading performance" and the successful refinancing of its banking facilities.
On Tuesday, it said further dividend details will be communicated as part of the final results in September.
Chief Executive Chris Smith commented: "McBride today reports excellent half-year results, which are in line with our new elevated financial performance expectations.
"Our divisional teams continue to execute their respective strategies, with all five divisions healthily profitable. These results demonstrate a business delivering a consistently improved performance."
"Our focus remains on driving performance excellence and maintaining the momentum we have built, whilst continuing the transformation programme and achieving our sustainability targets".
By Christopher Ward, Alliance News reporter
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