McBride plc (MCB.L), a manufacturer of household and personal care products, on Tuesday reported that its first-half profit before taxation was 17.4 million pounds, compared to last year's loss of 20.0 million pounds.
Earnings per share were 7.0 pence, compared to loss per share of 9.7 pence a year ago.
Adjusted profit before taxation was 22.4 million pounds, compared to last year's loss of 7.9 million pounds. Adjusted earnings per share were 9.1 pence, compared to loss per share of 4.2 pence.
Group revenue increased 9.8 percent to 468.0 million pounds from 426.3 million pounds a year ago. Revenue grew 9.9 percent at constant currency.
Total volume growth was 6.4 percent, with private label volumes increasing by 10.1 percent, taking further market share in a rising private label market.
According to the company, ongoing consumer and retailer shift to high-quality private label products supported further growth.
Looking ahead for fiscal 2024, McBride noted that demand levels in early months were in line with the first half, and favourable trends for private label markets are expected to continue throughout 2024.
New contract wins are expected to start deliveries in the second half of 2024
"Our focus on operational delivery will see our second half year deliver ahead of our plan with full year adjusted operating profit now expected to be 10-15 percent ahead of previous internal expectations", the firm noted.
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