McBride lowers profits guidance

Own label goods maker McBride has reduced full year profits guidance as the rate of decline in its contract manufacturing business has accelerated.

Own label goods maker McBride has reduced full year profits guidance as the rate of decline in its contract manufacturing business has accelerated.

The firm, which last month announced an unexpected cut in its dividend last month, indicated trading profit in the year to the end of June 2013 will be about £2m lower than previously expected. This is because the group has seen a 7% year-on-year decline in revenue in constant currency terms on the second half of 2012, which, along with the faster than expected decline in the contract manufacturing business, has hit profits.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.