With McBride continuing to exit low-margin areas of contract manufacturing, we are not surprised that total revenues declined...We expect constant currency sales to remain slightly negative through the second quarter with second half sales to benefit from a stable base as the contract withdrawals are annualised.
DAMIAN MCNEELA PANMURE GORDON
The modest slow-down in private label sales growth from the second half of the last financial year is slightly disappointing but the company’s pipeline of new product launches this year should deliver further revenue momentum and the company’s planned cost savings allow us to maintain our forecasts.
CHARLES PICK NUMIS
The trading update for the period seems as one would expect, despite a “further period of branded promotional activity in the UK”... We still expect that the majority, if not 100 per cent, of any earnings progress for the full year will be achieved in the second half when the comparatives are far easier.