The latest results from UK contract manufacturer McBride reflect a difficult 2012 for the company.
The latest results from UK contract manufacturer McBride reflect a difficult 2012 for the company. For the six months ended 31 December 2012, revenue at constant currency declined by six per cent, primarily as a result of its wind-down in contract manufacturing. Private Label revenue at constant currency fell by two per cent, although the company's Core and Future Growth categories saw growth of two per cent. Net debt at the end of the period came to £80m.
Commenting on the results, chief executive Chris Bull said: "Our financial performance this year will be second-half weighted reflecting a wind-down in contract manufacturing that is allowing us to grow our Private Label business. I am therefore pleased that we expect to report first half revenue growth at constant currency of two per cent in our Core and Future Growth categories, as Private Label has continued to win market share from the branded competition."