Household product manufacturer McBride (LON:MCB) saw shares jump over 10 percent on Wednesday after a stronger-than-expected half yearly report.
Adjusted profit before tax rose 78.1 percent in the six months to December, reaching £13 million, with adjusted earnings per share up 52.9 percent to 5.2 pence. The company did see a 5.6 percent decrease in revenue from £364.7 million in the same period last year to £344.1 this, citing the impact of the euro on the translated results as a reason for this.
CEO Rik De Vos commented: “We are pleased with our progress in the first half and the improved profitability following the launch of our strategic transformation plan. The commitment and focus of the McBride team on the execution and delivery of our objectives is very encouraging and a critical aspect for future success. The ongoing actions of our “Repair” phase, which in part will result in lower second half revenues, are nevertheless expected to provide further progress in profitability. As a consequence, the Board is now expecting full year results to be modestly ahead of its previous expectations.”
The company, who are one of the UK’s largest manufacturers of private label household products, saw weak growth in the UK offset by increasing demand in Easter Europe and Asia. Shares in the company are currently up 9.22 percent at 168.75 (1254GMT).