McBride shares fall on warning

 
Kasmira Jefford
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MCBRIDE was taken to the cleaners by shareholders yesterday after the household products manufacturer warned that weak European consumer demand and high discounting activity in the UK will hit full-year sales and profits.

Shares plunged 15.4 per cent as the group said full-year sales will be around three per cent lower than expected, after “a very recent, unusually strong and prolonged period of branded promotional activity” from branded manufacturers.

However it said “decisive action” was being taken to reduce costs.

Panmure Gordon analysts reduced their profit forecasts for this year by 20 per cent to £20m and now expect earnings per share to fall 20 per cent to 8.3p.