Manchester-based household products firm McBride said its revenue rose 31.1% to £889 million in the year to June 30, 2023, and it swung to an adjusted profit before tax of £300,000 compared to a loss of £29.6 million in the prior year.

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.

The Manchester firm said it has made an encouraging start to its new financial year amid a “growing shift towards private label products, across all markets, evident in demand levels.”

McBride CEO Chris Smith said: “The decisive actions taken in the last financial year helped set the foundations for the strong recovery achieved across the business.

“In combination with the hard work and dedication of our teams, McBride has delivered an impressive return to profitability and volume growth in an environment that continues to be volatile.

“Inflation will remain a challenge for the business into the new year, one which we believe we are better positioned to manage, driven in part by our shift to three-monthly pricing.

“The second half of the year saw encouraging momentum across the group, underpinned by a number of new contract wins and the growing consumer shift towards private label products as cost-of-living pressures continue to impact buying behaviour.

“Importantly, we have continued to make good strategic progress across all divisions, with our transformation programmes moving at pace.

“Overall, while the current macro environment continues to present challenges, McBride is well-positioned to deliver sustainable and profitable long-term growth.”