McBride relies on strong German market as UK performance flags

 
Caitlin Morrison
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PRIVATE label product supplier McBride said yesterday continued strong growth in Germany helped to offset a weaker performance in the UK and other key continental European markets during the year to 30 June.

The company said revenues for the 12 months were up by 0.3 per cent compared to last year.

Operating profit for the period is expected to be in line with expectations.

McBride’s UK business restructuring project “continues to make good progress”, according to the firm, which added that the plan remains on track to deliver targetted savings of £12m by the end of June next year.

Savings for the year ended 30 June 2015 will be approximately £5m.

Analysts at Numis described yesterday’s update as “solid”, but also noted that trading for the group is “still very tough”.

Shares in McBride were up by 0.74 per cent yesterday, to 102.75p.