Shares of Manchester-based household cleaning products firm McBride plc fell 5% on Tuesday after it released results for the year ended June 30, 2020, showing revenue fell 2.1% to £706.2 million “mostly from Aerosols UK exit.”

Profit before tax fell 49% to £11.2 million. Full-year dividend is proposed at 1.1p, down from 3.3p.

However, McBride reported “strong profit performance in last four months of the year driven by increased demand for cleaning, dishwash and aerosol products” as a result of Covid-19. 

The company, one of Europe’s largest makers of retailer own brand household goods, unveiled a new strategy that targets “annual revenues of €1 billion over the next five years.”

McBride’s biggest shareholder is activist hedge fund Teleios Capital Partners with 23.71%. Gilead Capital owns 12.06% and Zama Capital owns 10.02%.

McBride CEO Chris Smith said: “The group has delivered a solid FY20 performance overall. 

“Following a tough first half year, demand for many of our cleaning products rose strongly as a result of Covid-19. 

“I am very proud of the way the McBride team has responded to the numerous challenges and opportunities that have arisen from the pandemic and the improved second half financial performance. 

“Today McBride is announcing the initial findings of a thorough business review and the initial phase of its new ‘Compass’ strategy that targets annual revenues of €1 billion over the next five years. 

“From January 2021, we will establish separately managed divisions, each with their own focused strategies, and I am confident that the new McBride teams will deliver on our new ambitions.”