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McBride PLC - Manchester-based manufacturing company - Reports it swung to a pretax loss of GBP16.8 million from a GBP13.5 million profit a year before. Says revenue declined 11% to GBP323.4 million from GBP362.9 million. Blames this performance on "exceptional" input cost inflation that continued to build up during the period and global supply chain pressures.
"The group is experiencing the most extreme inflationary cost environment probably ever to hit this sector," Chief Executive Chris Smith comments.
Notes that it "supplemented" early pricing actions with ongoing price discussions with customers. Expects the business to return to break-even at earnings before interest, tax, depreciation, and amortization level in the final quarter and to move on to "modest" profit in the next year.
"The outlook is of course heavily dependent on our actions to deliver the outstanding essential price increases currently in discussion with our customers, as well as other external factors such as the development of input costs and other inflationary pressures, and continuing supply chain disruptions," Chief Executive Chris Smith comments.
Current stock price: 46.00 pence, down 4.2% on Tuesday
12-month change: down 44%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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