Shares of Manchester-based household products firm McBride rose about 10% after it published a trading update for its current financial year ending June 30, 2023, saying it now “expects full year adjusted operating profit and full year reported loss before tax to be between £5m and £10m ahead of current market expectations.”
The firm said current market expectations refer to a group compiled consensus for FY23 of sales revenue of £874 million, adjusted operating profit of £3 million and reported loss before tax of £27.3 million.
McBride is one of Europe’s largest manufacturers and suppliers of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets.
“New business wins combined with favourable demand levels for private label products, have meant that output levels are more favourable than expected,” said McBride.
“Customer service levels have continued to improve significantly, in turn delivering better volumes and supporting opportunities for more strategic partnerships with key customers.”