McBride, a U.K. supplier of household and personal-care products, announced on Friday its expectation of exceeding market forecasts for adjusted operating profit in fiscal 2023. The company’s strong fourth-quarter performance has contributed to this optimistic projection, as customers are increasingly opting for private label products amidst high inflation.
For the year ended June 30, McBride has provided an adjusted operating profit consensus of £9.7 million ($12.7 million), after previously guiding a range of £8 million to £13 million on April 24. Notably, the company had suffered an adjusted operating loss of £24.5 million in fiscal 2022.
On a constant currency basis, McBride reported a 28% growth in revenue for the year, attributed to both higher volumes and pricing adjustments. The company’s revenue for the year ended June 30, 2022, amounted to £678.3 million.
McBride observed a 5.4% increase in volumes over the year, with a notable surge of 13% in the fourth quarter. This uptick can be attributed to business wins and robust demand for existing contracts.
The company attributed the shift towards private label products to consumers’ growing preference for better value and high-quality alternatives amidst inflationary pressures on their household budgets.