Cleaning products group expects annual profits to be ahead of consensus
Manchester-based household cleaning products firm, McBride, said it expects adjusted pre-tax profits for the year to June 30 to be ahead of current market consensus, of £21.6m.
However, in a trading update today, the group said full year revenues from continuing operations at constant currency rates were 1.7% lower than the previous year.
Household sales were flat for the full year with second half year revenues 1.3% higher than the first half year.
But, as indicated in the May 19 trading update, second half year trading was stronger than expected, due to increased demand for surface cleaning and dishwashing products in most of the group’s household markets, and due to encouraging sales of new hand sanitiser products developed by the aerosols and Asia businesses.
This was offset by a reduction in demand for laundry products over the same period.
As the pandemic slows in Europe and countries ease restrictions, McBride has seen customer demand return to more normal levels.
Net debt closed at around £93m, down from £120.9m a year ago.
McBride said it will release its annual results for the year to June 30, on September 8, on an ‘unaudited’ basis due to the impact of the coronavirus pandemic.
Today’s update also revealed that the group has appointed Clive Jennings as interim chief financial officer.
Clive was formerly CFO at The Rank Group and joined McBride in late June.
He has joined the group’s executive committee but has not been appointed to the McBride plc board, which has begun a formal process to identify and appoint a permanent CFO.
Previous CFO, Chris Smith, stepped up to the chief executive role last month to replace the departed Ludwig de Mot.