McBride plunges as boss steps down after latest profit warning
Since the beginning of last year, McBride has issued a handful of profit warnings, and chief executive Rik De Vos has decided to stand down following this latest misstep
Company
LON:MCB
McBride plc is engaged in the production, distribution and sale of private- label household and personal care products to retailers in the United Kingdom and Continental Europe. The Company has three principal operating divisions: United Kingdom, Western Continental Europe and Eastern Continental Europe. McBride’s customers include Aldi, Asda, The Co-op, Marks & Spencer, Morrisons, Sainsbury, Tesco, Waitrose, Auchan, Carrefour, Casino, Denner, DM, Esselunga, Eurospin, Intermarche, Lidl, Metro, Plus, REWE, Systeme U, Biedronka (Jeronimo Martins), Kaufland (Lidl), Metro (Makro and Real) and Tesco.
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Since the beginning of last year, McBride has issued a handful of profit warnings, and chief executive Rik De Vos has decided to stand down following this latest misstep
Risers on the Footsie were outnumbered 3 to 1 by fallers
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Barclays will be a highlight in Thursday's schedule.
The broker expects McBride's new earnings to be around 11p per share and thinks that shares are unlikely to trade on more than 10x earnings
The Board now expects full year adjusted profits before tax to be approximately 10% to 15% lower than the prior financial year
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Aside from the banking results, the week ahead will bring updates from other blue-chips firms such as BAE Systems, Anglo American, Pearson, and Reckitt Benckiser
The manufacturer and supplier of private label products said raw material, packaging and logistics costs, especially in northern Europe, had been slightly higher than anticipated in Q1
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Aside from Whitbead's interim results, the day ahead will also bring updates from the likes of St James's Place, Travis Perkins, Anglo American, and Bunzl
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Aside from the banking trio, updates are also due in the week ahead from the likes of WPP, Whitbread, International Airlines Group, Ryanair, Glencore and Antofagasta
McBride said it "continued to outperform our sector both financially and operationally in what has been a particularly challenging environment"
Investments and investor services
The UK blue chip index was about 10 points lower at 7,373, above the session low of 7,357.09 but below the morning peak of 7,397.74
Investments and investor services
It promises to be a busy Thursday morning with several closely followed firms reporting, meanwhile, around 9 points will come off the index with blue-chip miners such as BHP Billiton, Antofagasta, and Glencore going ex-dividend.
A look at some of the top risers and fallers in London on Tuesday
Group pre-tax profit for the year is now expected to be “marginally below the lower end of analyst forecasts", McBride said
The UK blue-chip benchmark closed up over 45 points higher at 7,593, while FTSE 250 added over 59 points at 20,665.
McBride blamed “mainly external cost challenges” for its poor first half performance and the subsequent full-year guidance downgrade
A look at some of the top risers and fallers in London today
A look at some of the biggest risers and fallers in London today.
The UK blue chip index closed its account on Tuesday up 2.09 at 7,526.