McBride on track, benefiting from German growth
Household products supplier McBride said it benefited from growth in Germany as it reported group revenues for the year to 30 June rose 0.3%.
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The in a trading update the company said its full year adjusted operating profit would be in line with expectations.
“The group's performance benefited from continued strong growth in Germany, offset by lower revenues in other key continental European markets and the UK,” McBride said in a statement.
McBride’s said its UK restructuring project continued to make good progress and would deliver targeted savings of £12m by 30 June 2016.
Investec kept its rating on the stock at ‘add’, but revised its price target to 105p.
The brokerage said new management were expected to bring in changes for the 2016 financial year and a noted a strategy update is expected in September.
At 12:45 shares were up 0.98% to 103p.