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McBride - Private label volumes up and contract manufacturing recovers

September 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Ahead of reporting on 17 September, McBride confirmed full year profit will be in line with recently upgraded expectations (Investec forecasts £54.5m pretax profit/eps of 22.3p for the year ended June). Whilst private label volume growth was +7.2%, it’s moderating from the 9 month figure. However, McBride has also reported very strong growth in contract manufacturing volumes in Q4 having won a substantial new contract. Total volume growth was 5.7% and drove sales up 6.2% on a constant currency basis. Net debt has fallen by £35m from the FY23 figure to £131.5m. Investec sees a slight currency headwind and forecasts £48m pretax profit /eps of 19.6p this year. Strong hold. ...

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