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UK's McBride gains from private label demand amid high inflation

Published 17/01/2023, 07:50
Updated 17/01/2023, 08:45
© Reuters.

© Reuters.

(Corrects paragraph 1 to say first half, not fiscal year)

(Reuters) -British cleaning products maker McBride said on Tuesday it returned to profits in the final two months of its first half, thanks to higher prices and demand for private label products amid a cost-of-living crisis.

The loss-making group, which has been struggling with mounting costs, said it expects to report a "small" adjusted operating loss before exceptional items for the half year.

Shares of the London-listed group rose 3% in early trading.

The company said it was looking to offset pressure from energy, employment and raw material costs by raising prices and cutting expenditure.

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

McBride said its revenues for the half year were 31% ahead of the previous year, helped by a recovery in its volumes and a moderate easing in input costs.

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