Shares in McBride plc (LON:MCB) were on the slide on Tuesday as the group forecast that its earnings would be weighted towards the second half of its current year.
In a trading update ahead of its AGM, the cleaning products maker said first-quarter revenues for its Household division were 1.8% higher year-on-year, driven by strong performances in its South, East and Asian geographies.
READ: McBride punished after poor finish to second half; new year hardly off to a flier either
However, these gains had been somewhat offset by a slowdown in the company’s UK market, as well as continued declines in France and Northern Europe.
Overall continuing revenues had also declined in the period, falling 1.4% compared to 2018, reflecting the firm’s decision to exit UK aerosol manufacturing in the fourth quarter of the prior year.
Despite the difficulties, McBride reiterated its full-year guidance barring any significant changes in raw materials costs.
The company would also appoint non-executive director Jeff Nodland as chairman at the conclusion of the AGM ahead of its new chief executive, Ludwig de Mot, taking the reins on 1 November.
Analysts at Peel Hunt said the update was “as expected” and retained their ‘hold’ rating and 60p target price on the stock.
In mid-morning trading, McBride’s shares were 4% lower at 65.8p.