Oven Pride maker McBride sees early signs of volume recovery By Reuters

Citi warns UK staff of cuts as hundreds of roles could be affected - memo

Oven Pride maker McBride sees early signs of volume recovery

Published Sep 29, 2022 13:02 Updated Sep 29, 2022 13:32

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Oven Pride maker McBride sees early signs of volume recovery

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(Reuters) -British cleaning products maker McBride said on Thursday it was seeing some early signs of recovery in its volumes following a tough year, as it deals with rising input costs and supply chain snags.

The company's shares rose 22%.

Manufacturers in the UK are battling higher costs and a fall in customer spending amid decades-high inflation.

McBride said total costs for its entire range of raw materials and packaging rose by 51% between December 2020 and June 2022.

The company said that while its volumes were lower in the full year ended June 30, they were in line with its plans in the early months of the current fiscal year.

McBride reported an annual adjusted loss before tax of 29.6 million pounds ($32.18 million), compared with a profit of 19.9 million pounds a year earlier.

Earlier on Thursday, the company said it got a debt waiver extension until September 2024.

($1 = 0.9198 pounds)

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