Own brand household and personal care products supplier McBride said while revenue grew 2% in the last six months trading profit is expected to be lower than last year, in line with expectations.
McBride saw profits halved in the year to end of June amid rising costs and a tough retail environment.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
McBride said exceptional charges of around £7m will be applied, following previously announced supply cost cutting initiatives.
Chief executive Chris Bull commented, "Our first half performance has been satisfactory, with revenue growth achieved in the current challenging environment." Revenue grew in all three of its European divisions.
"Raw material prices have been stable since mid-2011 and we have completed our cost recovery plans. The consumer will increasingly look for value in these difficult times and our strategic initiatives remain fully on track."
Net debt at the period end will be around £86m, in line with expectations.
cj
-
The new 4% rule – how much should retirees really draw from their pension in 2026?Brits retiring in 2026 could be withdrawing too much from their pension pots if they stick to an old rule about ‘safe’ limits – with the risk of running out of money in retirement
-
Leaving it too late to gift inheritances costs some of Britain’s wealthiest families £3m eachEven average Brits are being landed with huge and unexpected inheritance tax bills because of a little understood rule around gifting, new figures show
