McBride revenue up 5% to £935m, profit soars

Manchester-based household products firm McBride said its revenue rose 5.2% to £934.8 million in the year to June 30, 2024, and it made an adjusted profit before tax of £53.1 million compared to £300,000 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.

“Overall market for private label household cleaning products continues to grow …” said McBride.

“Early months of new financial year seeing overall sales volumes in line with expectations.

Encouraging signs of continued contract manufacturing momentum, building on strong second half.

“Healthy pipeline of new launches and business wins, as the group prioritises growth initiatives.

“Input costs for the main raw materials remain steady, with costs of recycled materials and natural-based chemicals increasing in line with our expectations.

Group full-year outlook is consistent with current market expectations, targeting a third consecutive year of revenue growth, with profitability significantly ahead of the historical average.”

McBride CEO Chris Smith said: “It has been an excellent financial and operational performance by the group.

“While market dynamics have remained favourable, with a continued consumer trend towards private label across European household cleaning product markets, it is the effective execution of our strategy that has led McBride to capitalise on this environment.

“Our efforts to further develop our customer partnerships, together with improved consumer insights to support product range developments and innovation led by our specialist divisional teams, will continue to drive future growth.

Strong operational delivery, focused growth initiatives, and effective cost and margin management, have led each division to generate profitable growth for the year, resulting in the group’s significantly increased adjusted operating profit, slightly ahead of the upgraded market expectations. In addition, our commitment to reducing debt levels has led to a £35.0 million reduction in net debt for the year.

The Transformation programme is progressing to plan, with a number of key projects moving from design to delivery phase in 2025.

“The group has made an encouraging start to the new financial year and while there are signs of increased brander activity, private label demand remains robust with contract manufacturing maintaining the momentum of the fourth quarter. As such, we look forward to the future with confidence.”