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Cleaning products maker McBride issues warning over profits

·1-min read
 (REUTERS)
(REUTERS)

Shares in cleaning products maker McBride plunged on Thursday morning after the company warned on profits.

The manufacturer of own-label goods for retailers - everything from dishwasher tablets to liquid detergents – said it was being forced to lift prices to protect its profit margins.

It is grappling with rising raw material costs and distribution problems.

McBride said: “The previously highlighted raw material environment remains extremely challenging both in terms of exceptional price increases and supply availability.”

The firm added that more recently it has also started to experience distribution challenges, particularly in the UK and Germany as a result of the shortage of HGV drivers which has impacted upon both transport availability and cost.

It expects profits for the full year to be 55-65% lower than current expectations while its debt levels are also expected to rise.

Shares in McBride fell 8.23p, or more than 9%, to 76.57p.

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