British cleaning products maker McBride has seen a 2.9% increase in group revenue at constant currency for its full financial year ended 30 June 2022, according to a trading update.
The company’s revenue grew by 13.4% in the second half, following a decline of 6.6% in the first half of its financial year.
Net debt, including IFRS 16 leases, closed at circa £168 million, while liquidity as of 30 June 2022 was around £70 million – £30 million higher than the minimum liquidity requirement of £40m applicable under the group's financing arrangements.
In June, the company said that its bank has waived debt covenant tests until September and added that the business continued to perform 'in line with market expectations'.
Input Cost Inflation
McBride added that it experienced exceptional input cost inflation and supply chain disruptions throughout the year, which was further exacerbated by the Ukraine war.
The company offset the impact of these challenges through pricing actions.
It will announce its year-end results on 29 September 2022.
McBride is a supplier of private-label and contract manufactured products for the domestic household and professional cleaning and hygiene markets.
Meanwhile, FMCG prices have increased by 6.9% year-on-year across Europe and 7.5% year-on-year in the UK in the 12 weeks ended 24 April 2022, according to data from NielsenIQ.
In addition, UK Total Till survey conducted by NielsenIQ unveiled that while inflation is now helping to lift category growths across most of the store, volume sales declined in all FMCG categories at UK supermarkets in the latest four week ended 18 June 2022.
© 2022 European Supermarket Magazine – your source for the latest private-label news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
