19th Oct 2021 11:45
McBride PLC - Manchester-based cleaning and hygiene product manufacturer - Tells annual general meeting that it has made "substantial price increases" for customers as manufacturing and distribution costs have increased. McBride says factors in the decision include tightening supply chain, haulage shortages and increased raw material and fuel costs. Expects these conditions to continue in the near term. Says its facilities and logistics practices have shown resilience despite ongoing uncertainty and disruption. Ramps up production as new facility in Malaysia after recent lifting of Covid-19 restrictions.
McBride expects to report a GBP10 million loss before interest, tax and amortisation in the first half, with earnings weighted towards the second half of its financial year ending June 30, 2022. Says continued uncertainty means it is unable to update its full-year outlook from what it provided at the time of its annual results at the start of September, when it also said profit would be weighted to the second half. In the first half of financial 2021, McBride had reported adjusted pretax profit of GBP16.9 million.
Current stock price: 65.96 pence, down 5.0% on Tuesday morning
Year-to-date change: down 20%
By Scarlett Butler; [email protected]
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