Maker of private label household and personal care products McBride expects revenue growth in its latest fiscal year, with adjusted operating profits “in line with current market consensus.”
The group said that throughout the year it experienced both “exceptional inflation in input costs and supply chain disruptions, most recently further exacerbated by the war in Ukraine”.
He said these impacts were mostly offset by price actions.
As a result, after a 6.6% decline in revenue in the first half at constant currency, revenue increased by 13.4% in the second half to deliver revenue growth in the 2.9% at constant exchange rates for the full year.
The company expects adjusted operating profit to be in line with current market consensus.
Net debt including IFRS 16 leases closed at £168m compared to £118.4m the previous year. The group’s liquidity at 30 June 2022 was £70m, which is £30m above the minimum liquidity requirement of £40m applicable under its funding agreements.
The increase in debt is explained by increases in working capital resulting directly from the cumulative effects of inflation in net working capital and in-year losses
In a statement to the London Stock Exchange, he added: “The group continues to explore and evaluate all avenues to maintain liquidity and create additional funding for the benefit of all stakeholders.
“We fully appreciate the continued support that the banking group has provided and continues to provide to the group during this period of uncertainty caused by macroeconomic factors which have led to an unprecedented rapid increase in input costs and the persistent challenges of the global supply chain.”
McBride expects to announce its year-end results on September 29, 2022.
McBride has offices in Middleton and a McBride shared services center in Manchester.
The company is a European manufacturer and supplier of private label and contract brand products for the domestic and professional cleaning and hygiene markets.