Profits surge at manufacturer
MCBRIDE, the company which manufactures ranges of personal care, skincare and toiletry products for retailers has reported a surge in half year profits.
Despite a 5.6% fall in sales to £344.1m due to currency translation, the Middleton company said its new strategy was paying off as profits rocketed 56% from £8.7m to £13.6m in the six months to the end of December.
The group, which has manufacturing sites in Middleton, Manchester, Barrow, Hull and Bradford, has cut around 400 jobs as part of a restructuring project that is in line to deliver annualised savings of £12m by the year to the end of June.
Chief executive Rik De Vos said: “We are pleased with our progress in the first half and the improved profitability following the launch of our strategic transformation plan.
“The commitment and focus of the McBride team on the execution and delivery of our objectives is very encouraging and a critical aspect for future success. The ongoing actions of our “Repair” phase, which in part will result in lower second half revenues, are nevertheless expected to provide further progress in profitability.”
He said the board now expects full year results to be “modestly ahead” of previous expectations.
McBride announced an interim dividend of 1.2p per share.
