Press Association
Sunday 12th February 2012
Private label household goods firm McBride said it had fought off fierce competition from branded rivals after posting record annual sales and profits.
The Manchester-based firm saw shares rise 10% after delivering a 33% hike in pre-tax profits to £29.6 million in the year to June 30.
McBride - which makes own-label laundry liquids, mouthwash and toothpaste -said it had overcome a tricky period of prolonged price slashing from branded manufacturers in the UK before volumes recovered towards the end of the period.
The company added that the current squeeze on household budgets also underpinned prospects for its market.
"There is no doubt that in the current economic climate consumers are more value conscious then ever and the environment therefore continues to remain positive for private label growth," it said.
McBride added it was well-placed to cope with the short-term pressure of rising raw materials costs through supply chain efficiencies and passing on increases to customers.
The group - which confirmed that trading since the year end had been in line with hopes - has also grown through acquisitions in Malaysia and the Czech Republic, extending its presence in skin care.
Panmure Gordon analyst Damian McNeela said: "The tone of the outlook statement is more positive with promotional activity easing and input cost increases now likely to be at the lower end of expectations."
