By Anthony O. Goriainoff
McBride PLC said Tuesday that it expects to report a small adjusted Ebita loss for the first half of fiscal 2023, and that its performance was in line with the board’s expectations.
The U.K. supplier of household and personal-care products said for the six months ended Dec. 31 revenue rose 31% on a constant currency basis as it benefited from the effective pass-through of input cost inflation as well as volume growth.
The company said despite early signs of stabilization in certain input costs towards the end of the period, the costs of some raw materials has continued to rise.
“Energy and employment costs continue to apply further inflationary pressure, and accordingly we are continuing to seek mitigations including price increases, product engineering and cost actions,” the company said.
McBride said it returned to adjusted earnings before interest, taxes and amortization–a metric which strips out exceptional and other one-off items–profitability in the last two months of the period.
The company said its net debt at the end of the period was 169.4 million pounds ($206.6 million) compared with GBP164.4 million on June 30, 2022, with liquidity of GBP56.6 million, which is comfortably above its banking covenant.
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