Mcbride: Share price soars as it raises profit guidance on end of sticky inflation

Manchester-based cleaning product manufacturer Mcbride has raised its full-year profit expectations off the back of a strong year. 

In an update this morning, the publicly listed firm said group revenue grew 9.8 per cent year-on-year in the interim to £468m, as customers switched to private label products. 

Adjusted profit before taxation came in at £22.4m against a loss of £7.9m in the same period last year. 

Chris Smith, chief executive officer, of said: “Mcbride has continued with its positive momentum in the first half of this financial year.

“This strong performance is a result of the commitment across all the business teams to provide our customers with highest quality, best value products and the strongest innovation options in the sector.”

He added: “Our focus on operational delivery will see our second half year deliver ahead of our plan with full-year adjusted operating profit now expected to be 10-15 per cent ahead of previous internal expectations.”

The board also noted a cooling in inflationary pressures as the year progresses, but cautioned geopolitical tensions could present supply chain risks.

Shares in the firm leapt over  17 per cent this morning as the London market responded to the news.