McBride’s £12m costs drive on course

PERSONAL are and household goods manufacturer McBride is on track to deliver £12m of savings, the company has reported.

In its latest trading update for the year ended June 30, the company based at Middleton, Greater Manchester, said savings this year would be about £5m, with the remainder targeted for June 2016.

McBride, which shed a quarter of its 1,600 workforce last year and replaced chief executive Chris Bull with Belgium-born Rik De Vos, said revenues were 0.3% higher than last year.

Lower sales in key European markets and the UK were compensated for by strong growth in Germany.

The company, which makes shampoo, mouthwash and cleaning products, has already benefited from this process with profits rising 97% from £3.7m to £7.3m in the six months to the end of December.

Revenue in the period was down 4.1% at 364.7m, but marginally ahead at a constant currency rate.

In its statement McBride said it will issue preliminary results for the year ended June 30 on  September 8, “at which time the group will outline its future strategic priorities and direction”.