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McBride prospers in tough climate
Wed, 08 Feb, 2012
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McBride prospers in tough climate
Thu, 2 Sep 2010, 06:21:00
<b>McBride</b>, which makes household products for supermarkets to sell under their own names, shrugged off the challenge from promotions of branded products to post a sharp rise in profits in the year to June 30 as shoppers continued seeking the cheapest items. The maker of washing-up liquid, shaving foam and many other products saw pre-tax profits before exceptional items rise to £42.4m from £29.6m on revenues that rose to £812.2m from £792.4m. 'Our markets across Europe have remained competitive and we have seen extensive branded promotional activity, although there is some evidence that this may be easing,' said chief executive Chris Bull. 'As previously announced we are experiencing an increasing trend in our raw material costs and are actively engaged in mitigating them.' He said trading since the end of the year has been in line with expectations. 'Although weak retail markets and raw material inflation will remain challenging in the short term, our balance sheet remains strong,' he said. 'McBride is better placed than previously to manage raw material cost inflation and we believe that our actions will be effective.' McBride said that raw material price rises in the second half were partially offset by improvements in procurement and operational efficiencies. Revenues were up by 3% in the UK to £316.9m, by 2% in mainland Western Europe to £461.6m and by 7% in Eastern Europe to £33.7m. The company said that, with consumers more value conscious than ever, private label companies such as McBride are well placed for growth. Leading retailers are increasingly focusing on private label as a key way of differentiating their offer to the consumer, it said.
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