McBride PLC (LSE:MCB) shares soared nearly 20% higher after the manufacturer and supplier of domestic household products said it expects its full-year results to be ahead of current market expectations.
In a trading update for the year ending 30 June 2023, the company said it expects full-year adjusted operating profit and full-year reported loss before tax to be between £5mln and £10mln ahead of consensus forecasts and for net debt on 30 June 2023 to be £15mln to £20mln lower than current market expectations.
The company pointed out that new business wins combined with favourable demand levels for private label products, have meant that output levels are more favourable than expected. It said customer service levels have continued to improve significantly, in turn delivering better volumes and supporting opportunities for more strategic partnerships with key customers.
In early trade on Tuesday, McBride shares were 19.1% higher at 34.00p.