LONDON (dpa-AFX) - McBride plc (MCB.L), a manufacturer of co-manufactured and private label products, reported Thursday that its first-half profit before taxation surged to 11.2 million pounds from last year's 4.0 million pounds. Earnings per share soared to 4.9 pence from 0.7 pence last year.
Adjusted profit before taxation was 14.2 million pounds, compared to 13.6 million pounds last year. Adjusted earnings per share were 5.5 pence, compared to 5.2 pence last year.
Revenue for the period increased 6.2 percent to 391.1 million pounds from 368.4 million pounds a year ago. On a constant currency basis, revenue increased 6.5 percent.
Further, the company said its interim payment to shareholders was held at 1.5 pence, the same as last year. This will be paid to shareholders in May and it is intended this will be issued using the company's B Share scheme.
McBride said that as announced on 20 February, the Group continues to see pressure on its cost base. The company continues to expect the overall raw material pricing outlook to show improvements in the second half, but not to the extent anticipated in early January.
In addition, distribution costs continue to rise beyond the company's previous estimates due to market rates and efficiency challenges driven by logistics capacity shortfalls and internal service gaps.
Accordingly, although the Group continues to anticipate further good sales growth in the second half year, the Board now expects full-year adjusted profit before tax to be approximately 10 percent to 15 percent lower than the prior financial year.
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