McBride PLC (LSE:MCB) shares shot higher as the own-label cleaning products maker said it is back in profit as consumers switch to cheaper, unbranded options.
“Across most markets, it is evident that there is a shift to private label,” the group said, with volumes in the year just ended up by 5.4% after a 12.4% rise in the final three months.
Including price rises, revenue for the year to end-June 2023 rose by 28.4%.
Operating profit will be “materially ahead” of current market expectations as a result, it said, and at the top end of an £8-13mln range indicated in a trading update in April.
Net debt at the year-end was also better than expected at £166.5mln.
Demand has picked up due to a combination of business wins and strong demand increases on existing contracts, McBride added.
Shares rose 19% to 31p.