LONDON (dpa-AFX) - Shares of McBride Plc. (MCB.L) increased around 4 percent in London trading after the provider of Private Label Household and Personal Care products said Monday that its trading performance has been in line with the Board's expectations. The company said it has made a solid start to the year, with Group revenue at constant currency returning to modest growth.
In its interim management statement for the period from July 1 to October 19, the company said its UK business restructuring project, announced in June, is fully on track to generate planned savings of 12 million pounds by June 30, 2016. Of this, 3 million pounds will benefit the year ended June 30, 2015.
The company noted that there have been no material events or changes in the financial position since July 1, 2014.
While announcing a loss for its fiscal year 2014 with lower revenues in September, Chief Executive Chris Bull had said that trading since the year end was in line with expectations.
'We can expect an improvement in Group performance following the actions being taken in the UK. The scale of this improvement remains dependent on the extent of branded promotional activity and demand in the UK retail sector,' Bull then said.
In London, McBride shares were gaining 3.96 percent, and trading at 83.43 pence.
Copyright RTT News/dpa-AFX