McBride Raises Annual Profit Outlook On Demand For Cleaning Products
Cleaning products maker McBride Plc has raised its full-year earnings outlook, helped by a surge in demand for hygiene and cleaning products during the COVID-19 pandemic.
The company, which makes products for domestic household as well as professional cleaning markets, said it expects pretax profit for the year ending June 30, 2021 to be at least 10% ahead of current market consensus of £25.2 million (€27.9 million).
McBride, which operates in over 12 countries with brands including Surcare, Ovenpride, Clean N Fresh and Hospec, said it had experienced weak trading in November and December in 2019, but expected strong trading in the same period this year in light of the pandemic.
The company said that it 'remains mindful' of the economic uncertainty created by Brexit and COVID-19, along with expected increases in input costs in the second half of the year.
However, it noted that it expects first half sales growth of approximately 2%.
'This improved revenue performance combined with continued factory efficiencies, limited operational impact from COVID-19, lower than expected operating costs and input costs for certain raw material and packaging items, will see a material year-on-year improvement in first half earnings,' the company said.
McBride's next update will be published on 23 February, with the reporting of its half-year results.