McBride Forecasts Annual Profit Below Estimates On Poor UK Performance
McBride Plc said on Tuesday it expects annual adjusted profit to be 15% lower than the market view, hurt by weakness in Britain and the loss of revenue after the cleaning products maker decided to stop aerosol manufacture in the country.
The company, which makes laundry and cleaning brands including Surcare, Limelite kitchen and Clean 'n Fresh, also said it has initiated a review of its strategy and operations, which it expects to report during the fourth quarter of this financial year.
The group's first half revenues in its Household division were 1.4% lower than the previous year, with UK Household revenues down 8.0%, due to weaker private label activity, it said.
The group said that it expects full year Household revenues to decline by approximately 2% year on year.
On the positive side, it said that cost improvement initiatives are continuing, which are 'expected to show increased benefits' in the second half of the year.
Recently appointed CEO Ludwig de Mot has instigated a review of the group's strategy and operations, the results of which are expected in Q4.