Shares in McBride PLC (LSE: MCB) rose in morning trade after the private label household and personal care products group announced it ended its financial year strongly as demand for it private label offering continues to grow.
In a trading update ahead of the pre-close period for the year to end-June 2009, it said the continuing focus on driving operational efficiencies has been reflected in a satisfactory second half and full year operating performance.
Shares were lifted 12 percent by the news by midmorning.
Group revenues in the fourth quarter are stronger than the previous quarter reflecting continuing strong growth in France and Italy, and an improvement in UK sales including some contract gains. Year on year revenue growth on a constant currency basis is expected to be 6 percent for the fourth quarter.
Full year revenue growth, on a constant currency basis, is expected to be 4 percent, benefiting from private label products gaining market share.
McBride expects to report operating profits before amortisation of intangible assets and exceptional items, of not less than £35 million, and year-end net debt of less than £90 million, leading to finance costs slightly lower than expected.http://www.proactiveinvestors.co.uk
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