McBride (MCB) H2 2024 earnings summary

Executive summary

• Achieved strong operational and strategic progress, with volume and profit growth across all divisions.

• Revenue grew by £45.8m (up 5.2% year-over-year), reaching £934.8m.

• Private label market share increased, with volumes up 7.2% and contract manufacturing gaining momentum.

• Net debt reduced by £35.0m, approaching target levels.

• Transformation programme and sustainability initiatives advanced, including science-based targets.

Financial highlights

• Adjusted operating profit rose to £67.1m from £13.5m, driven by volume growth and margin recovery.

• Gross margin improved to 37.2% from 29.7% year-over-year.

• Adjusted profit before tax increased to £53.1m from £0.3m.

• Adjusted diluted EPS reached 21.7p.

• Liquidity at 30 June 2024 was £98.3m, up from £59.3m a year earlier.

Outlook and guidance

• Solid start to the new financial year, with volumes in line with expectations.

• New product launches and business wins expected to support further growth.

• Input costs stable overall, though recycled materials and natural-based chemicals are rising.

• Transformation programme implementations planned over the next twelve months.

• Lower net debt allows for increased capital investment aligned with strategic priorities.