Private label household and personal care products provider McBride Plc (MCB.L) posted higher profit for the full year 2010, led by a strong return on capital employed. The company also increased its final dividend by 12%, and said trading since year-end has been in line with its expectations.
Profit attributable to equity holders of the parent totaled GBP 22.1 million or 12.1 pence per share, compared to GBP 16.6 million or 9.1 pence per share in the prior-year.
Attributable profit before items rose to GBP 31.7 million from GBP 21.9 million in the previous year. Adjusted per share earnings grew 41% to 18.1 pence from 12.8 pence earned a year earlier.
Profit before tax for the year 2010 was GBP 29.6 million, compared to GBP 22.2 million last year. Pre-tax profit, excluding items, advanced to GBP 42.4 million from GBP 29.6 million in 2009.
Revenue amounted to GBP 812.2 million, 2% higher than the previous year's revenue of GBP 792.4 million, reflecting 1% growth on a constant currency basis and 1% from currency translation movements, primarily due to strengthening of the Euro against Sterling to 1.14.
Return on capital employed was 25.9%, compared to 17.1% recognized in the previous year, driven by a higher profit margin, from 4.6% to 6.2%, and asset turnover, from 3.7 times to 4.2.
Chris Bull, McBride's Chief Executive, said, "McBride has delivered record sales, profits and cash flow, underpinned by a strong return on capital employed. We have acquired three businesses, two of which are in the strategic personal care and skin care sectors, and have initiated restructuring projects in UK and Italy which will deliver significant cost savings."
The company's markets across Europe have remained competitive and have seen extensive branded promotional activity, although there is some evidence that this may be easing. Further, the company is witnessing an increasing trend in its raw material costs and are actively engaged in mitigating them.
In addition, the company hiked its final dividend by 12% to 4.8 pence, which would be paid on November 26, 2010 to shareholders on the register on October 29, 2010.
Shares of McBride, which have been trading between 111.50 pence and 256.20 pence in the past 52 weeks period, closed Wednesday's trading session at 141.00p, up 1.50p or 1.08%, on a volume of 1.34 million shares.
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