Shares in McBride PLC (LON:MCB) edged lower even though the latest update did not contain any more bad news on trading.
New chief executive Ludwig de Mot has already started a strategic review of the own-label manufacturer’s operations with the results expected with the full-year numbers in September.
Interim revenues dropped by 5% to £350.4mln in line with a warning in January, while pre-tax profits were 50% lower at £6.6mln.
Trading in the third quarter has been as expected said de Mot.
“Our revenue outlook remains in line with our expectations despite our markets remaining challenging.
“Material costs are tracking consistently with the first half-year.
“The board's expectations for the full year remain in line with our January trading update.”
In January, McBride said full-year adjusted profit before tax would be roughly 15% lower than the current market consensus of £22.1mln assuming raw materials stay stable.