By Elena Vardon
McBride posted a narrower pretax loss for fiscal 2023, when higher prices and volume growth boosted its revenue.
The U.K. supplier of household and personal-care products on Tuesday posted a pretax loss of 15.1 million pounds ($18.7 million) for the year ended June 30 compared with a loss of GBP35.3 million the previous year. On an adjusted basis, pretax profit was GBP300,000 compared with a pretax loss of GBP29.6 million.
Revenue grew to GBP889.0 million from GBP678.3 million, it said. A surge in private label demand, as well as raw-material price stabilization and new contract wins led it to be profitable in the second half, it said.
The London-listed group said it started fiscal 2024 with improved confidence and has seen the second-half momentum continuing into the first two months of the year.
“While the current macro environment continues to present challenges, McBride is well-positioned to deliver sustainable and profitable long-term growth,” Chief Executive Chris Smith said.
Write to Elena Vardon at [email protected]
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