Shares in McBride plc (LON:MCB) slumped today after the manufacturer of private label household and personal care products said its underlying revenues for the financial year just ended were down on the previous year amid challenging trading conditions in the second half.
In a trading update, the FTSE small cap group said: "Underlying Group revenues for the year were 3.8% lower than the prior year on a constant currency basis."
"The impact of McBride's customer reduction project accounted for a further 2.1% of sales reduction, such that total group revenues on a constant currency basis were 5.9% lower than the prior year," it added.
READ: Revenue and margin growth on the horizon for McBride
Still, the group said operating profit for the full financial year is expected to be in line with expectations.
The company added that ongoing initiatives to manage gross margins and to maintain close control over its overhead cost base were effective in mitigating the impact of competitive markets and raw material price inflation.
In afternoon trading, McBride shares were down 3.6%, or 7.25p at 181.25p.
The company will announce its preliminary results for the year ended 30 June 2017 on September 7.