Maintaining upward trajectory, McBride, the U.K. supplier of household and personal-care products, revealed a narrower pretax loss for the fiscal year 2023. The company credits higher prices and volume growth for boosting its revenue.
McBride recorded a pretax loss of £15.1 million ($18.7 million) for the year ended June 30, compared to a loss of £35.3 million the previous year. However, when considering adjusted figures, the company achieved a pretax profit of £300,000, a significant turnaround from the pretax loss of £29.6 million.
The company reported a notable increase in revenue, which climbed to £889.0 million from £678.3 million. The surge in private label demand, coupled with price stabilization of raw materials and successful contract wins, drove profitability in the latter half of the year.
McBride also expressed optimism for the beginning of fiscal 2024 as it carries the momentum of the second half into the first two months of the year.
"Despite the persisting challenges within the macro environment, McBride is confident in its ability to achieve sustainable and profitable long-term growth," remarked Chief Executive Chris Smith.
