McBride plc achieves £705m revenues under turnaround plan as pre-tax profits dip

Consumer goods manufacturer McBride plc has reported an uptick in revenue under a long-term strategy to strengthen its financial footing.

The Manchester firm this morning (September 7) announced sales of £705.2m for the 12 months to June 30, up 3.6% against the previous year’s figure.

McBride’s operating profit saw growth of 21% at £39.8m, but pre-tax profits fell year on year by 25.6% to £19.2m.

The company managed to slash its net debt during the year by over £15m, successfully cutting the figure to £75.7m.

The earnings report comes as the manufacturer prepares to embark on the second phase of its turnaround plan.

McBride CEO Rik De Vos, who hailed the results as indicative of a “another year of improved financial performance in line with our strategy”, explained: “We have successfully completed the first phase of our three-phase strategy of ‘Repair, Prepare, Grow’ to restore McBride to its core capability of manufacturing excellence.

“The ‘Prepare’ phase is on track and we have now finalised the growth strategy and associated capital expenditure plans to support the ‘Grow’ phase.”

Business during the first few months of the new financial year, he said, has been “satisfactory and in line with the board’s expectations for the full year”, adding: “We are maintaining our focus on cost and efficiency initiatives to mitigate the impact of any current pressures on revenue.

“We anticipate financial performance weighted towards the second half of the year as increases in revenues from our ‘Grow’ strategy begin to benefit the business.”

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