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McBride H1 Profit Down, FY20 Expectations In Line With View; Stock Down

Shares of McBride plc (MCB.L) were losing around 4 percent in the early morning trading in London after the manufacturer of Contract-manufactured and private label products for c and hygiene markets reported weak results in the first half of fiscal 2020.

For the period, profit before taxation fell 43.8 percent to 6.3 million pounds from 11.2 million pounds last year.

Adjusted profit before tax was 6.6 million pounds, compared to 13.3 million pounds a year ago.

Earnings per share fell 61.2 percent to 1.9 pence, and earnings per share from continuing operations declined 60 percent to 2.0 pence.

Adjusted earnings per share were 3.7 pence, compared to 5.5 pence last year.

Revenue declined 10.4 percent to 350.4 million pounds from 391.1 million pounds last year. At constant exchange rates, revenue fell 9.8 percent.

Group revenue from continuing operations fell 5.1 percent.

The company reported weaker second-quarter revenues in difficult market conditions.

Looking ahead, Ludwig de Mot, Chief Executive Officer, said, "Our third quarter revenue run rates are as expected. Our revenue outlook remains in line with our expectations despite our markets remaining challenging. Material costs are tracking consistently with the first half year. The Board's expectations for the full year remain in line with our January trading update."

In London, McBride shares were trading at 63.10 pence, down 4.39 percent.

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