Household goods giant McBride has said it is on course to meet performance expectations for the year, with a round of cost-cutting that could see 250 jobs go “progressing according to plan”.
McBride, Europe’s largest maker of own-label household and personal care products, said sales were up by 14% for the three months to 26 October thanks to currency changes and “continuing growth in the share of total market taken by private label, particularly in our largest markets in the UK, France and Italy”.
The news comes after the company last month announced plans to shed up to 250 jobs as work shifts to a new production centre in St Helens.
“We have taken a number of actions to offset [cost] increases, including the raising of customer prices, the restructuring of our UK manufacturing base.. . and further reductions in the cost base of our Western Continental European division,” the company said.
Additionally, McBride said it had reduced its total debt to £90m from a figure of £103m at the end of June.
Last month chief executive Miles Roberts warned investors that pre-tax profits at McBride would be down by more than a third (38%) due to rising costs, although the price of oil has since fallen substantially amid the current economic turmoil.