News

McBride, the manufacturer of private label products and packaging, is seeking to improve costs by restructuring its UK operations after recording a "robust performance in difficult markets".

McBride reported revenues of £700.9m for the year to 30 June, an 18% increase on last year. However, its operating profit after exceptional items were included fell by a third to £21.4m. Its pre-tax profit fell by 20% to £29.5m.

The firm said it had benefitted from previous acquisition counting for the whole period and favourable currency exchanges – euro and Polish zloty – against Sterling.

But input costs, particularly due to rising oil prices, have impacted the overall performance, which was below expectations.

Nonetheless, the firm said it has made a "satisfactory start" to the new financial year and was "confident in the opportunities ahead".

Chief executive Miles Roberts said: "Our products have never been more relevant than in the current environment where disposable incomes are under significant pressure."