McBride has own brand of downturn

6th Sep 2011 08:13

Own label goods maker, McBride, saw profits halved in the year to end of June as rising costs and a tough retail environment took their toll.The firm, which manufactures household and personal products for retailers to sell under their own names, saw pre-tax profits plummet 49% to £22.5m.It also said that it faced "aggressive competition" from branded rivals.McBride maintained its full year dividend at 6.8p per share.Both its UK and Western Contintal Europe divisions saw revenues fall, however business in Central and Eastern Europe was more robust, with revenues up 18%.Chief executive, Chris Bull, said a weak consumer environment and raw material inflation would continue to present a challenge in the short term. "We believe that the actions we are taking will enable us to become more efficient and therefore better able to realise the potential for Private Label," he said.