11th Jul 2016 06:46
LONDON (Alliance News) - McBride PLC on Monday said adjusted operating profit for its full financial year will be slightly ahead of its previous expectations, although revenue fell in the year as it worked to reduce the number of small customers it serves and due to pricing pressures.
The household and personal care products company said its financial year, which ended on June 30, benefited from better-than-anticipated progress on cost-saving initiatives, including from its UK business restructuring project and from purchasing-driven savings resulting from reductions in product ranges.
McBride added that its simplification programme to reduce the number of small customers remains on track, although this resulted in full-year sales being lower by around GBP6 million than in the previous year. Additionally, revenue is continuing to be hit by ongoing price pressures in a number of key markets, especially in the UK, McBride said. As a result, full-year revenue was down 1.9% year-on-year on a constant currency basis.
"There has been no impact to date on the group's day-to-day operations from the outcome of the EU referendum in the UK, and it remains too early to determine the longer-term effects on McBride's activities, of which approximately 70% are in subsidiaries based outside the UK," McBride said in a statement.
McBride will release its annual results on September 7.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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