REG - McBride PLC - Interim results for 6M ended 31 December 2025
Tue 07:10
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RNS Number : 1599U McBride PLC 24 February 2026
McBride plc
('McBride', the 'Group' or the 'Company')
Interim results for the six months ended 31 December 2025
On track for full-year targets; operational performance improvement;
significant deployment of capital benefiting shareholders
24 February 2026
McBride, the leading European manufacturer and supplier of private label and
contract manufactured products for the domestic household and professional
cleaning and hygiene markets, announces its unaudited interim results for the
six months ended 31 December 2025 (the 'period').
Half year Half year Constant
to 31 Dec to 31 Dec Reported currency
£m unless otherwise stated 2025 2024 change change((1))
Revenue 475.2 471.4 0.8% (2.1)%
Adjusted operating profit((2)) 31.5 32.0 (0.5) (1.7)
Operating profit 28.3 31.0 (2.7) (3.9)
Adjusted EBITDA((2)) 41.8 41.7 0.1 (1.5)
Adjusted profit before taxation((2)) 26.2 26.7 (0.5) (1.3)
Profit before taxation 23.0 25.7 (2.7) (3.5)
Adjusted basic earnings per share((3)) 10.8p 11.9p (1.1)p (1.6)p
Basic earnings per share 9.4p 11.4p (2.0)p (2.5)p
Net debt((2)) 120.6 117.6 3.0
Adjusted return on capital employed((2)) 30.8% 34.8% (4.0)ppts
((1))Comparatives translated at six months to 31 December 2025 exchange rates.
((2))Refer to note 16 for definition.
((3))See note 6.
Chris Smith, Chief Executive Officer, commented:
"Our performance in the first half demonstrates for the third consecutive year
that the Group is now consistently delivering profitability levels in line
with our strategic ambition. Our markets continue to see private label growth
ensuring resilient demand for our leading, high-quality and excellent value
products and expertise. During the period, we continued to deepen our customer
partnerships and have secured a healthy pipeline of new contracts due to start
in the second half, providing visibility and positive momentum for the rest of
the year and into next year.
"A significant milestone was the launch of our SAP S/4HANA system in the UK.
Our team worked tirelessly to deal with certain start-up challenges and the
platform stabilised quickly and is now ready to provide the scalable
infrastructure required for our future growth. We look forward to the next
wave of the rollout, which is expected to go live across a number of our sites
in the next financial year.
"Underpinning our strategy is a steadfast commitment to shareholder returns.
Our robust cash generation supports a balanced capital allocation policy. In
the reporting period, we have paid the reinstated dividend alongside the
commencement of a share buyback programme. Furthermore, we have supported the
purchase of shares via our Employee Benefit Trust, reflecting our focus on
effective use of capital to reduce future equity dilution from vesting
incentive awards."
Financial highlights
· Revenue of £475.2m (2024: £471.4m), up 0.8%, with volume growth
from both private label and contract manufacturing
· Adjusted EBITDA of £41.8m (2024: £41.7m), representing 8.8% of
revenue (2024: 8.8%)
· Profitability levels maintained through growth, product
engineering, operational improvements and overhead cost control
· Adjusted basic EPS of 10.8p (2024: 11.9p), prior year comparative
included one-off tax effects resulting in the underlying measure being 0.7p
lower
· Significant return to shareholders of £12.9m comprising dividend
payments of £5.2m, a share buyback programme of £1.3m together with £6.4m
share purchases by the Employee Benefit Trust (EBT) to reduce future equity
dilution on incentive awards
· Net debt at £120.6m (2024: £117.6m), representing 1.4x rolling
twelve months adjusted EBITDA
Strategic and operational highlights
· Overall volume growth of 0.4%, with private label volumes
increasing by 0.9%
· Demand for private label products remains strong, with private
label household share of the top five markets at the end of 2025 ahead of
recent all-time highs
· Continued solid performance in the focus markets of laundry and
Germany, supported by new contract wins
· Additional capacity installed and our new 'fusion' format
launched into the market
· Capital deployed with strong focus on automation and operational
upgrades, while streamlining the cost base via transformation and optimisation
initiatives
· Successful implementation of Wave 1 of the SAP S/4HANA ERP in the
UK, with the next wave of implementations across a number of our European
sites expected to go live progressively through the next financial year
Positive outlook
· Second half of the financial year started in line with
expectations
· Good momentum expected through the second half as healthy
pipeline of contract wins set to launch, supporting a solid foundation for
growth in the financial year 2027
· Market share for private label overall still growing ahead of
recent all-time highs
· Material costs expected to remain flat and overhead costs under
control
· Remain on track to deliver full‑year results in line with
analysts' expectations*
* Current analysts' expectations refer to a Group-compiled consensus for
adjusted operating profit for the year ending 30 June 2026 of £64.7m
Analyst and investor presentation
A results presentation will be available on the investor relations page of the
McBride plc website from 10.00am today.
McBride plc via TEAM LEWIS
Chris Smith, Chief Executive Officer
Mark Strickland, Chief Financial Officer
Team Lewis
Hannah Scott +44 20 7802 2634
Galyna Kulachek +44 20 7802 2664
Forward-looking statements
This announcement contains forward-looking statements about financial and
operational matters. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts. They
sometimes use words such as "may", "will", "could", "should", "aim", "expect",
"plan", "intend", "anticipate", "believe", "achieve", "project", "predict",
"seek", "estimate", "objective", "goal", "target" or other words of similar
meaning. These statements are based on the current views, expectations,
assumptions and intentions of management and are based on information
available to management as at the date of this announcement. Because they
relate to future events and are subject to future circumstances, these
forward-looking statements are subject to risks, uncertainties and other
factors which may not have been in contemplation as at the date of the
announcement and/or which are beyond McBride plc's ability to control or
precisely estimate, including (but not limited to) those set out in this
announcement and the economic and business circumstances occurring from time
to time in the countries, sectors and markets in which McBride plc operates.
As a result, actual financial results, operational performance and other
future developments could differ materially from those envisaged by the
forward-looking statements. No assurance can be given that any particular
expectation will be met and undue reliance should not be placed on any
forward-looking statements. Additional factors that may affect future results
are contained in the "Principal risks and uncertainties" section of McBride
plc's most recent Annual Report and Accounts.
Any forward-looking statements contained in this announcement speak only as of
the date they are made. Neither McBride plc nor any of its affiliates
undertake any obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or otherwise,
except to the extent required by applicable law or regulation.
This announcement does not constitute an offer or invitation to underwrite,
subscribe for, or otherwise acquire or dispose of any McBride plc shares or
other securities, or of any of the businesses or assets described in the
announcement, nor shall it (or any part of it) or the fact of its distribution
form the basis of, or be relied upon in connection with, any contract
therefore.
Overall business performance
McBride continued to maintain the significant financial improvement achieved
in recent years and has delivered another solid performance both financially
and operationally. Despite the backdrop of underlying inflation, profitability
levels have been maintained through a combination of volume growth, effective
product engineering, operational improvements and overhead cost control.
At a Group level, revenue increased by 0.8% to £475.2 million, down 2.1% on a
constant currency basis. Adjusted EBITDA, at 8.8% of revenue, was in line with
the same period last year. Adjusted operating profit was 6.6% (2024: 6.8%) of
revenue, slightly lower by £0.5 million (£1.7 million at constant currency)
at £31.5 million (2024: £32.0m).
Group volumes saw a marginal increase of 0.4% year on year reflecting slight
growth in both private label and contract manufacturing demand. McBride
private label volumes grew 0.9% year on year, and contract manufacturing
volumes were up 1.4%, whilst branded volumes declined.
Customer service levels remain significantly improved. Despite some limited
disruption for customers in the UK related to the launch of the new SAP
S/4HANA system in November and December, which is now resolved, the underlying
level remains the highest in six years. This critical performance improvement
has ensured we are better serving customers and supporting further growth
opportunities from our strategic partnerships.
The Group continues to closely manage debt, with a net debt of £120.6 million
at 31 December 2025, representing a small year-on-year increase of only £3.0
million, despite spending £12.9 million for the recommencement of the payment
of annual dividends together with the cash outlays for the share buyback
programme and EBT funding.
In November, McBride extended its Revolving Credit Facility (RCF) to November
2029, securing a strong financial platform for the coming years. Despite a
slight 1.9% decrease in adjusted profit before tax and a 9.2% reduction in
adjusted basic earnings per share to 10.8 pence, the Group benefited from
improved margins and a reinforced capital structure that supports our future
objectives.
McBride's Transformation agenda continues to progress well and remains on
track to deliver £50 million net benefits over five years. The Service
Excellence and Commercial Excellence programmes were completed in the period,
in September and December respectively, and the other programmes continue at
pace. Wave 1 of the SAP S/4HANA ERP implementation has successfully completed
in the UK, with the next wave of implementations across a number of our
European sites expected to go live during the next financial year. The
Transformation programmes had provided a cumulative net benefit of £8.7
million as at 31 December 2025.
Productivity and factory performance improved across the majority of the
Group's operating sites. Our continued focus to drive these efficiencies has
been delivered through improved planning, lean manufacturing techniques and
targeted capital investment. We made further progress towards the Group's
strategic imperative of a safe working environment, with an additional 14.6%
improvement in the lost time incident frequency rate compared to the year
ended 30 June 2025.
Sustainability progress has been encouraging, and the Group is on track to
meet its targets. As part of our commitment to train all 3,500 of our McBride
colleagues in climate literacy, we have introduced certified Carbon Literacy®
training courses.
Current trading and outlook
The Group expects good momentum in the second half driven by a healthy
pipeline of new contract wins commencing deliveries in the next six months.
This will provide a solid foundation for growth in the financial year 2027.
Recent market data has shown that private label market share overall has grown
further on the recent all-time highs, providing further evidence of resilient
market conditions.
At this stage, material costs are expected to remain flat and the Group's
overhead costs remain under tight control.
The Group's anticipated full-year adjusted operating profit estimate remains
in line with analysts' expectations.
Divisional performance review
Half year to Half year to Constant
31 Dec 31 Dec Reported currency
2025 2024 change change
Revenue £m £m % %
Liquids 269.0 268.9 0.0% (2.7)%
Unit Dosing 115.7 118.1 (2.0)% (5.0)%
Powders 44.9 44.0 2.0% (1.3)%
Aerosols 33.9 28.7 18.1% 13.8%
Asia Pacific 11.7 11.7 0.0% 0.9%
Group 475.2 471.4 0.8% (2.1)%
Half year to Half year to Constant
31 Dec 31 Dec Reported currency
2025 2024 change change
Adjusted operating profit/(loss) £m £m £m £m
Liquids 17.7 19.4 (1.7) (2.4)
Unit Dosing 12.5 10.7 1.8 1.4
Powders 3.0 4.1 (1.1) (1.2)
Aerosols 2.1 1.6 0.5 0.4
Asia Pacific 0.5 0.7 (0.2) (0.1)
Corporate (4.3) (4.5) 0.2 0.2
Group 31.5 32.0 (0.5) (1.7)
Liquids performance review
Liquids revenue remained stable at £269.0 million (2024: £268.9m). The
division delivered adjusted operating profit of £17.7 million (2024: £19.4m)
and an adjusted operating profit margin of 6.6% (2024: 7.2%).
Modest volume growth overall of 0.1% was offset by moderate levels of material
cost rises and other input cost inflation as well as competitive pricing
pressure, partly mitigated through overhead cost control and margin management
actions.
Private label volumes declined slightly, by 0.1%, with growth in France,
Germany and Iberia offset by lower volumes in Italy and the UK, where they
were impacted by some early disruption following the SAP S/4HANA go live date
in early November. Contract manufacturing volumes increased by 8.5% year on
year.
The private label liquids market grew overall in the first half, which,
together with recent new business wins, supports growth expectations going
forward.
The division made continued progress against its strategic priorities,
including targeted capacity investments, further progress with factory
efficiencies and improved fixed cost management.
Unit Dosing performance review
Unit Dosing revenue decreased 2.0% to £115.7 million (2024: £118.1m).
However, adjusted operating profit increased by £1.8 million to £12.5
million (2024: £10.7m) and the adjusted operating profit margin increased to
10.8% (2024: 9.1%).
The latest market data showed the overall market for Unit Dosing had contract
by approximately 0.5% over the past twelve months, driven primarily by a
decline in branded volumes and offset by modest growth in the private label
segment. Against this backdrop, volumes in doses were 3.7% lower than in the
first half of the previous financial year, however they were 1.4% higher
versus the second half. The year-on-year reduction was solely attributable to
lower contract manufacturing volumes, while private label volumes increased by
1.1%.
The improved profitability in the period, reflected continued production
efficiencies, the benefits delivered by the operational Transformation
programmes and ongoing tight control of overhead costs. The division also
achieved further improvements in safety performance, reinforcing management's
focus on operational excellence and employee wellbeing.
Powders performance review
Powders revenue grew 2.0% to £44.9 million (2024: £44.0m), generating an
adjusted operating profit of £3.0 million (2024: £4.1m) and an adjusted
operating profit margin of 6.7% (2024: 9.3%).
At constant currency, revenue declined 1.3% from the prior year. Sales were
lower than expected, impacted by slightly softer private label demand,
primarily in the UK, together with delayed launches of new contracts and a
reduction in branded volumes.
Despite the market for powders seeing continued overall decline across most
European markets, contract manufacturing volumes increased by 2.4%, and
Germany saw private label growth of more than 10% as a result of recent wins.
Laundry powder market share for private label also increased in Germany,
Northern Europe and Spain, supported by new contract wins.
Adjusted operating profit decreased by £1.1 million, mainly due to lower
revenue, manufacturing inefficiencies caused by supplier issues and unexpected
maintenance costs.
The division maintained its focus on growth opportunities, plant automation,
operational upgrades and Transformation initiatives to strengthen efficiency
and reduce its cost base.
Aerosols performance review
Aerosols revenue grew 18.1% to £33.9 million (2024: £28.7m), generating
adjusted operating profit of £2.1 million (2024: £1.6m) and an adjusted
operating profit margin of 6.2% (2024: 5.6%).
Private label remains the division's core business, representing c.82% of
revenue. The £2.5 million investment in personal care capacity expansion has
begun to deliver benefits as planned, supporting market share gains in
personal care categories. These gains were achieved while maintaining
consistently high customer service levels.
Innovation and sustainability continue to underpin product development, with
the introduction of more environmentally friendly packaging and greener
formulations using natural ingredients.
Strong cost discipline across energy, logistics and services mitigated
inflationary pressures, enabling Aerosols to avoid passing price increases on
to customers. Continued progress on the capacity expansion programme positions
the division well to support future growth while maintaining operational
excellence.
Asia Pacific performance review
Asia Pacific revenue remained stable at £11.7 million (2024: £11.7m),
representing a 0.9% increase on a constant currency basis. The division
delivered adjusted operating profit of £0.5 million (2024: £0.7m) and an
adjusted operating profit margin of 4.3% (2024: 6.0%).
On a constant currency basis, the revenue increase was driven by personal
care. Performance across the Asia Pacific region was mixed, with strong growth
in Malaysia partially offset by delayed launches in Australia. Pre-launch
costs incurred during the reporting period impacted divisional profitability.
The division continued to expand its presence in the Malaysia private label
market and made further progress in the private label segment in Australia
through its personal care offering, complemented by more recent wins in the
household category, due to launch in the second half of the financial year.
Group results
The Group reported adjusted EBITDA of £41.8 million (2024: £41.7m)
reflecting Group's continued strong trading and operational performance and
focus on margin management, and resulting in an adjusted EBITDA margin of
8.8%, in line with prior year. Adjusted operating profit decreased by £0.5
million to £31.5 million (2024: £32.0m). Operating profit of £28.3 million
was lower than the prior year (2024: £31.0m).
Adjusted profit before taxation decreased 1.9% to £26.2 million (2024:
£26.7m). Reported profit before taxation was £23.0 million (2024: £25.7m).
Exceptional items
Total exceptional items of £2.4 million were recorded during the period
(2024: £nil). The charge comprised the following:
· £0.8 million ERP integration costs; and
· £1.6 million costs relating to a Group-wide review of growth
options.
Finance costs
At £5.3 million, adjusted finance costs((1)) were in line with the prior year
(2024: £5.3m). Finance costs have stabilised following global market interest
rate trends and with the Group's debt levels remaining constant.
((1))Total finance costs less finance costs relating to exceptional items.
Taxation
The tax charge on adjusted profit before taxation for the period was £7.8
million (2024: £6.5m) and the effective tax rate was 30% (2024: 25%). The
increase in the effective tax rate was due to increased profits in a number of
Group entities paying taxes at higher rates in the period, and the prior year
included one-off tax effects. The current effective tax rate is broadly
consistent with the rate for the year ended 30 June 2025 of 32%.
The total tax charge was £7.0 million (2024: £6.3m) and the statutory
effective tax rate for the period was 30% (2024: 25%).
Earnings per share((1))
On an adjusted basis, basic earnings per share was 10.8 pence (2024: 11.9p)
and diluted earnings per share was 10.5 pence (2024: 11.4p). Basic earnings
per share was 9.4 pence (2024: 11.4p). All first half prior year earnings per
share figures included one-off tax effects resulting in the underlying
earnings per share measure being 0.7 pence lower.
((1))See note 6.
Shareholder returns
The Board confirmed its intention to reinstate annual dividends in February
2025. A final dividend for the year ended 30 June 2025 of 3.0 pence per
ordinary share, costing approximately £5.2 million, in aggregate, was
approved at the Annual General Meeting and paid in the period to 31 December
2025.
On 1 December 2025, the Company commenced a share buyback programme of up to
£20 million in McBride plc ordinary shares. The first tranche of up to £10
million commenced on 1 December 2025. The maximum number of ordinary shares
that may be repurchased by the Company under the first tranche is 8,700,764.
Ordinary shares purchased under the share buyback programme will be cancelled.
During the period to 31 December 2025, the Company purchased and cancelled
1,044,839 ordinary shares, representing 0.6% of the issued ordinary share
capital as at 1 December 2025. The shares were acquired at an average price of
125.8 pence per share, with prices ranging from 119.6 pence per share to 144.6
pence per share. The total cost of £1.3 million was deducted from equity.
Since the period end, the Company has purchased and cancelled further ordinary
shares under the share buyback programme.
In the first half, the EBT increased its holding in the Company through the
purchase of 5,282,881 ordinary shares. The Company provided £6.4 million of
funding to the EBT to fund these purchases, which will reduce equity dilution
in the Company on future vesting of incentive awards.
Cash flow and balance sheet
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Adjusted EBITDA 41.8 41.7 85.8
Working capital excluding provisions and pensions (16.3) (1.7) 13.7
Share-based payments 1.2 0.8 1.6
Loss on disposal of property, plant and equipment 0.3 0.1 0.4
(Reversal of impairment)/impairment of fixed assets 0.1 (0.2) (0.6)
Pension deficit reduction contributions (2.9) (2.4) (7.0)
Free cash flow((1)) 24.2 38.3 93.9
Exceptional items (3.2) (0.3) (3.2)
Interest on borrowings and lease liabilities less interest receivable (3.7) (3.5) (7.9)
Refinancing costs paid (0.3) (1.4) (1.8)
Taxation paid (1.8) (7.1) (17.9)
Net cash generated from operating activities 15.2 26.0 63.1
Net capital expenditure((2)) (14.8) (12.0) (30.4)
Repayment of lease liabilities (2.2) (1.9) (4.2)
Debt financing activities 3.5 (9.8) (2.2)
Settlement of derivatives (1.1) 1.2 0.4
Free cash flow to equity((3)) 0.6 3.5 26.7
Redemption of B Shares (0.1) - -
Dividends paid (5.2) - -
Purchase of own shares (6.4) (2.4) (2.4)
Buyback of own shares (1.3) - -
Net (decrease)/increase in cash and cash equivalents (12.4) 1.1 24.3
Free cash flow in the period was £24.2 million (2024: £38.3m), mostly
attributable to the strong consistent performance in adjusted EBITDA. Working
capital outflows of £16.3 million (2025: £1.7m) reflect year-on-year
movements in working capital.
Refinancing costs paid of £0.3 million (2024: £1.4m) relate to the exercise
of the Group's RCF one-year extension option. The prior period costs relate to
the renegotiation of the Group's RCF.
The decrease in tax paid to £1.8 million (2024: £7.1m) includes tax
repayments of £1.7 million and reflects the Group's taxable profits across
the jurisdictions in which it operates. In prior periods, following
loss-making years, payments on account were limited, resulting in higher
balancing payments when profitability returned. Tax payments have now
normalised.
During the period, net capital expenditure was £14.8 million (2024: £12.0m)
in cash terms. The Group continues to prioritise capital expenditure to
support divisional growth objectives and the SAP S/4HANA programme.
A final dividend for the year ended 30 June 2025 of 3.0 pence per ordinary
share, costing £5.2 million, has been paid in the period.
During the period, the Group bought back shares for a total cash outflow of
£1.3 million as part of the share buyback programme. Additionally, the EBT
increased its holding through the purchase of £6.4 million of own shares and
a subscription for new shares at par value totalling £0.5 million.
The Group's net assets increased to £98.1 million (30 June 2025: £94.3m).
Gearing((4)) increased to 57.8% (30 June 2025: 53.3%) as net debt levels
increased by £15.4 million to £120.6 million (30 June 2025: £105.2m).
Adjusted return on capital employed((1)) of 30.8% was lower than the prior
year (2024: 34.8%), impacted by marginally reduced profit levels coupled with
significant increases in capital expenditure, particularly relating to the SAP
S/4HANA programme, which went live in the UK as part of Wave 1 of the
programme.
((1)) Refer to note 16 for definition.
((2)) Net capital expenditure is capital expenditure less proceeds from the
sale of fixed assets.
((3)) Free cash flow to equity excludes cash flows relating to transactions
with shareholders.
((4)) Gearing represents net debt divided by the average period-end capital,
being total equity plus net debt.
Bank facilities and net debt
Net debt at 31 December 2025 was £120.6 million (2024: £117.6m).
During the period, the Group exercised the first one-year extension option of
the €200 million facility, maintaining the four-year term to November 2029,
with a further option to extend by one more year to November 2030. This
facility ensures the Group continues to have significant levels of liquidity
headroom.
Additionally, the Group still has access to a €75 million accordion
facility.
At 31 December 2025, liquidity((1)) was £135.3 million (30 June 2025:
£141.4m). This measure will continue to be monitored by the Group but is no
longer a covenant requirement of the RCF.
At 31 December 2025, the net debt cover ratio((1)), as defined under the RCF
funding arrangements, was 0.5x (30 June 2025: 0.4x) and the interest
cover((1)) was 8.5x (30 June 2025: 8.5x). The amount undrawn on the facility
was £112.9 million (30 June 2025: £107.2m).
At 31 December 2025, the Group had a number of facilities whereby it could
borrow against certain of its trade receivables. In the UK, the Group had a
£20 million facility; in Germany and Denmark the Group had a €45 million
facility; and in France, Belgium and Spain the Group had an unlimited
facility. All such facilities are committed until May 2026, with a process for
renewal expected to be completed before that date. In Italy, the Group had a
€23 million facility committed until April 2028. The Group can borrow from
the provider of the relevant facility up to the lower of the facility limit
and the value of the qualifying receivables.
((1))Refer to note 16 for definition.
Pensions
In the UK, the Group operates a defined benefit pension scheme, which is
closed to new members and future accrual.
At 31 December 2025, the Group recognised a deficit in the scheme of £23.1
million (30 June 2025: £23.0m). Despite the deficit reduction contributions
paid by the Company, interest on the deficit, combined with actual inflation
being higher than expected, and the upward revision of life expectancies
within the latest mortality projections model, has led to a slight increase in
the scheme's net liabilities.
Following the triennial valuation as at 31 March 2024, McBride and the Trustee
agreed a new deficit reduction plan based on the scheme funding deficit of
£32.3 million. A total amount of £7.0 million was paid in the year ended 30
June 2025, being a £5.3 million annual deficit reduction contribution, plus a
£1.7 million 'one-off' payment for the removal of the Trustee's dividend
matching mechanism. It was agreed that, from 1 July 2025, £5.7 million per
annum is payable until 30 June 2028 and, from 1 July 2028, deficit reduction
contributions revert to the previous agreement of 1 October 2024, with £4.0
million payable per annum, plus up to £1.7 million per annum in conditional
profit-related contributions, which are determined as follows:
· If adjusted operating profit exceeds £35.0 million, additional
annual deficit contributions of £1.7 million will be due over the following
year.
· If adjusted operating profit is below £30.0 million then no
profit-related contributions will be due the following year.
· If adjusted operating profit is between £30.0 million and £35.0
million, a proportion of the £1.7 million contribution will be due the
following year, with incremental increases of £0.34 million of additional
contributions for each whole £1.0 million of adjusted operating profit in
excess of £30.0 million.
As previously disclosed in the Annual Report and Accounts 2025, the NTL vs
Virgin Media case could have implications for the Company. Following the Court
of Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee
initiated the process of investigating any potential impact for the Fund.
There have not been any updates since June 2025, when the Department for Work
and Pensions (DWP) confirmed that the Government will introduce legislation to
give affected pension schemes the ability to retrospectively obtain written
actuarial confirmation that historical benefit changes met the necessary
standards. Further detail on the approach and process for this retrospective
confirmation is expected to follow in due course.
The Company will review again based on the findings of the detailed
investigation and further legislation updates.
Following the DWP's announcement, the Group and the Trustee do not expect the
Virgin Media ruling to give rise to any additional liabilities.
The Group had other post-employment benefit obligations outside the UK that
amounted to £1.9 million (30 June 2025: £1.9m).
Sustainability
A commitment to sustainability, aligned with the needs of stakeholders and
wider society is core to the Group's strategy and corporate proposition.
McBride's dedicated sustainability team continues to lead efforts to reduce
environmental impact. Our 14 factories share best practice in energy
decarbonisation initiatives, and our Strzelce factory in Poland has
transitioned to 100% renewable electricity, resulting in increased Group
energy efficiency and a reduction in our overall GHG emissions. We have
focused on education, providing a dual pathway for climate learning, in which
a further 45 colleagues have received certified Carbon Literacy® training,
and an additional 400 colleagues have received climate awareness training. Our
product development teams continue to innovate to reduce the carbon footprint
of our products, helping us to share the benefits with our customers and drive
sustainability throughout the supply chain.
As a publicly listed company, McBride operates strong levels of governance and
continues to engage with its workforce and local communities. The Employee
Voice engagement surveys, introduced in 2023, continue to provide insights
into employee experience and a greater understanding of how improvements can
be made. McBride remains committed to recruiting, developing and rewarding
colleagues based on performance and role, regardless of identity, background
or circumstance.
Principal risks and uncertainties
The Group is subject to both internal and external risk factors to its
business and has a well-established set of risk management procedures. The
following risks and uncertainties are those that the Directors believe could
have the most significant impact on the Group's business:
· changing market, customer and consumer dynamics;
· disruption to systems and processes;
· financing risk;
· safe and high-quality products;
· health and safety;
· climate change and environmental concerns;
· challenges in attracting and retaining talent;
· increased regulation;
· economic, political and macro environment instability; and
· business transformation challenges.
Responsibility statement
The Directors confirm that to the best of their knowledge:
· The condensed set of financial statements has been prepared in
accordance with UK-adopted IAS 34 'Interim Financial Reporting' and gives a
true and fair view of the assets, liabilities, financial position and profit
or loss of the issuer, or the undertakings included in the consolidation as a
whole as required by DTR 4.2.4 of the Disclosure and Transparency Rules.
· The interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7 of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
(b) DTR 4.2.8 of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
have a material effect on the financial position or performance of the entity
in the first six months of the current financial year.
Chris Smith Mark Strickland
Chief Executive
Officer
Chief Financial Officer
24 February 2026
Condensed Interim Consolidated Income Statement
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Note £m £m £m
Revenue 3 475.2 471.4 926.5
Cost of sales (301.8) (297.1) (584.4)
Gross profit 173.4 174.3 342.1
Distribution costs (43.5) (44.1) (85.5)
Administrative costs (101.5) (99.4) (197.0)
(Impairment)/reversal of impairment of property, plant and equipment (0.1) 0.2 0.6
Operating profit 28.3 31.0 60.2
Finance costs (5.3) (5.3) (11.2)
Profit before taxation 23.0 25.7 49.0
Taxation 5 (7.0) (6.3) (15.8)
Profit for the period 16.0 19.4 33.2
Earnings per ordinary share attributable to the owners of the parent during
the period
Basic earnings per share 6 9.4p 11.4p 19.5p
Diluted earnings per share 6 9.2p 10.9p 18.6p
Condensed Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Profit for the period 16.0 19.4 33.2
Other comprehensive income/(expense)
Items that may be reclassified to profit or loss:
Currency translation differences of foreign subsidiaries 2.3 (0.4) 0.8
(Loss)/gain on net investment hedges (0.9) 1.3 0.1
Gain/(loss) on cash flow hedges in the period 0.2 (0.8) (0.6)
Cash flow hedges transferred to profit or loss (0.4) (0.5) (0.6)
Taxation relating to the items above - 0.3 (0.2)
1.2 (0.1) (0.5)
Items that will not be reclassified to profit or loss:
Net actuarial loss on post-employment benefits (2.3) (0.2) (1.2)
Taxation relating to items above 0.6 0.1 0.3
(1.7) (0.1) (0.9)
Total other comprehensive expense (0.5) (0.2) (1.4)
Total comprehensive income 15.5 19.2 31.8
Condensed Interim Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
Note £m £m £m
Non-current assets
Goodwill 8 19.8 19.7 19.8
Other intangible assets 8 23.5 12.1 18.3
Property, plant and equipment 8 120.0 110.7 120.3
Derivative financial instruments 9 - 0.6 0.3
Right-of-use assets 8 6.4 7.2 7.9
Deferred tax assets 39.1 42.4 38.2
208.8 192.7 204.8
Current assets
Inventories 120.3 115.2 123.4
Trade and other receivables 141.7 137.1 139.1
Current tax assets 3.6 2.1 3.6
Derivative financial instruments 9 0.3 0.1 0.2
Cash and cash equivalents 10 22.4 10.6 34.2
288.3 265.1 300.5
Total assets 497.1 457.8 505.3
Current liabilities
Trade and other payables 207.8 200.1 228.0
Borrowings 9 77.1 62.3 69.8
Lease liabilities 9 2.7 3.3 3.7
Derivative financial instruments 9 0.2 0.3 0.4
Current tax liabilities 13.7 11.7 7.2
Provisions 1.6 1.9 2.7
303.1 279.6 311.8
Non-current liabilities
Trade and other payables 0.3 - -
Borrowings 9 59.1 58.3 61.3
Lease liabilities 9 4.1 4.3 4.6
Derivative financial instruments 9 - - 0.1
Pensions and other post-employment benefits 11 25.0 27.8 24.9
Provisions 1.6 1.4 1.6
Deferred tax liabilities 5.8 5.4 6.7
95.9 97.2 99.2
Total liabilities 399.0 376.8 411.0
Net assets 98.1 81.0 94.3
Equity
Issued share capital 12 17.8 17.4 17.4
Share premium account 68.6 68.6 68.6
Other reserves 77.4 76.2 75.8
Accumulated losses (65.7) (81.2) (67.5)
Total equity 98.1 81.0 94.3
Condensed Interim Consolidated Cash Flow Statement
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Note £m £m £m
Operating activities
Profit before taxation 23.0 25.7 49.0
Finance costs 5.3 5.3 11.2
Exceptional items excluding finance costs 4 2.4 - 4.0
Share-based payments charge 1.2 0.8 1.6
Depreciation of property, plant and equipment 8 8.3 7.8 15.8
Depreciation of right-of-use assets 8 2.0 1.9 3.9
Loss on disposal of property, plant and equipment 0.3 0.1 0.4
Amortisation of intangible assets 8 0.8 1.0 1.9
Impairment/(reversal of impairment) of property, plant and equipment 0.1 (0.2) (0.6)
Operating cash flow before changes in working capital and exceptional items 43.4 42.4 87.2
(Increase)/decrease in receivables (0.2) 9.0 9.9
Decrease/(increase) in inventories 5.3 2.6 (2.4)
(Decrease)/increase in payables (21.4) (13.3) 6.2
Operating cash flow after changes in working capital before exceptional items 27.1 40.7 100.9
Additional cash funding of pension schemes (2.9) (2.4) (7.0)
Cash generated from operations before exceptional items 24.2 38.3 93.9
Cash outflow in respect of exceptional items (3.2) (0.3) (3.2)
Cash generated from operations 21.0 38.0 90.7
Interest paid (3.7) (3.5) (7.9)
Refinancing costs paid (0.3) (1.4) (1.8)
Taxation paid (1.8) (7.1) (17.9)
Net cash generated from operating activities 15.2 26.0 63.1
Investing activities
Purchase of property, plant and equipment (8.8) (8.7) (20.0)
Purchase of intangible assets (6.0) (3.3) (10.4)
Settlement of derivatives used in net investment hedges (1.1) 1.2 0.4
Net cash used in investing activities (15.9) (10.8) (30.0)
Financing activities
Repayment of overdrafts 10 (0.1) (11.8) (9.8)
Drawdown of other loans 10 6.2 7.7 11.5
Repayment of bank loans 10 (2.6) (64.0) (65.0)
Drawdown of bank loans 10 - 58.3 61.1
Repayment of IFRS 16 lease obligations 10 (2.2) (1.9) (4.2)
Redemption of B Shares (0.1) - -
Dividends paid (5.2) - -
Purchase of own shares (6.4) (2.4) (2.4)
Buyback of own shares (1.3) - -
Net cash used in financing activities (11.7) (14.1) (8.8)
(Decrease)/increase in net cash and cash equivalents (12.4) 1.1 24.3
Net cash and cash equivalents at the start of the period 34.2 9.3 9.3
Currency translation differences 0.6 0.2 0.6
Net cash and cash equivalents at the end of the period 22.4 10.6 34.2
Condensed Interim Consolidated Statement of Changes in Equity
Other reserves
Issued Share Cash flow Currency Capital Accumulated Total
share premium hedge translation redemption losses equity
capital account reserve reserve reserve £m £m
£m £m £m £m £m
At 1 July 2025 17.4 68.6 (1.2) (0.2) 77.2 (67.5) 94.3
Profit for the period - - - - - 16.0 16.0
Other comprehensive income/(expense)
Items that may be reclassified
to profit or loss:
Currency translation differences
of foreign subsidiaries - - - 2.3 - - 2.3
Loss on net investment hedges - - - (0.9) - - (0.9)
Gain on cash flow hedges in the period - - 0.2 - - - 0.2
Cash flow hedges transferred to profit or loss
- - (0.4) - - - (0.4)
- - (0.2) 1.4 - - 1.2
Items that will not be reclassified
to profit or loss:
Net actuarial loss on
post‑employment benefits - - - - - (2.3) (2.3)
Taxation relating to item above - - - - - 0.6 0.6
- - - - - (1.7) (1.7)
Total other comprehensive (expense)/income
- - (0.2) 1.4 - (1.7) (0.5)
Total comprehensive (expense)/income - - (0.2) 1.4 - 14.3 15.5
Transactions with owners of the parent
Redemption of B Shares - - - - 0.1 (0.1) -
Shares issued to the EBT 0.5 - - - - (0.5) -
Purchase of own shares - - - - - (6.4) (6.4)
Buyback of own shares (0.1) - - - 0.1 (1.3) (1.3)
Dividends - - - - - (5.2) (5.2)
Transfers between reserves - - 0.1 0.1 - (0.2) -
Share-based payments - - - - - 1.2 1.2
At 31 December 2025 (unaudited) 17.8 68.6 (1.3) 1.3 77.4 (65.7) 98.1
Other reserves
Issued Share Cash flow Currency Capital Accumulated Total
share premium hedge translation redemption losses equity
capital account reserve reserve reserve £m £m
£m £m £m £m £m
At 1 July 2024 17.4 68.6 0.2 (1.1) 77.2 (98.9) 63.4
Profit for the period - - - - - 19.4 19.4
Other comprehensive income/(expense)
Items that may be reclassified
to profit or loss:
Currency translation differences
of foreign subsidiaries - - - (0.4) - - (0.4)
Gain on net investment hedges - - - 1.3 - - 1.3
Loss on cash flow hedges in the period - - (0.8) - - - (0.8)
Cash flow hedges transferred to profit or loss
- - (0.5) - - - (0.5)
Taxation relating to the items above - - 0.3 - - - 0.3
- - (1.0) 0.9 - - (0.1)
Items that will not be reclassified
to profit or loss:
Net actuarial loss on
post‑employment benefits - - - - - (0.2) (0.2)
Taxation relating to item above - - - - - 0.1 0.1
- - - - - (0.1) (0.1)
Total other comprehensive (expense)/income
- - (1.0) 0.9 - (0.1) (0.2)
Total comprehensive (expense)/income - - (1.0) 0.9 - 19.3 19.2
Transactions with owners of the parent
Purchase of own shares - - - - - (2.4) (2.4)
Share-based payments - - - - - 0.8 0.8
At 31 December 2024 (unaudited) 17.4 68.6 (0.8) (0.2) 77.2 (81.2) 81.0
Other reserves
Issued Share Cash flow Currency Capital Accumulated Total
share premium hedge translation redemption losses equity
capital account reserve reserve reserve £m £m
£m £m £m £m £m
At 1 July 2024 17.4 68.6 0.2 (1.1) 77.2 (98.9) 63.4
Profit for the year - - - - - 33.2 33.2
Other comprehensive income/(expense)
Items that may be reclassified
to profit or loss:
Currency translation differences
of foreign subsidiaries - - - 0.8 - - 0.8
Gain on net investment hedges - - - 0.1 - - 0.1
Loss on cash flow hedges in the year - - (0.6) - - - (0.6)
Cash flow hedges transferred to profit or loss
- - (0.6) - - - (0.6)
Taxation relating to the items above - - (0.2) - - - (0.2)
- - (1.4) 0.9 - - (0.5)
Items that will not be reclassified
to profit or loss:
Net actuarial loss on
post‑employment benefits - - - - - (1.2) (1.2)
Taxation relating to the item above - - - - - 0.3 0.3
- - - - - (0.9) (0.9)
Total other comprehensive (expense)/income
- - (1.4) 0.9 - (0.9) (1.4)
Total comprehensive (expense)/income - - (1.4) 0.9 - 32.3 31.8
Transactions with owners of the parent
Purchase of own shares - - - - - (2.4) (2.4)
Share-based payments - - - - - 1.6 1.6
Taxation relating to the items above - - - - - (0.1) (0.1)
At 30 June 2025 (audited) 17.4 68.6 (1.2) (0.2) 77.2 (67.5) 94.3
Notes to the Consolidated Financial Information
1. Corporate information
McBride plc (the 'Company') is a public company limited by shares incorporated
and domiciled in the United Kingdom and registered in England and Wales. The
Company's ordinary shares are listed on the London Stock Exchange. The
registered office of the Company is Middleton Way, Middleton, Manchester M24
4DP. For the purposes of DTR 6.4.2R, the Home State of McBride plc is the
United Kingdom.
The Company and its subsidiaries (together, the 'Group') is Europe's leading
manufacturer and supplier of private label and contract manufactured products
for the domestic household and professional cleaning and hygiene markets. The
Company develops and manufactures products for retailers and brand owners in
Europe and the Asia-Pacific region.
2. Accounting policies
Basis of preparation
The interim financial information for the six-month period ended 31 December
2025 has been prepared on the basis of the accounting policies set out in the
2025 Annual Report and Accounts and in accordance with UK-adopted IAS 34
'Interim Financial Reporting' and the Disclosure Guidance and Transparency
Rules sourcebook of the UK's Financial Conduct Authority.
This interim financial information should be read in conjunction with the
annual consolidated financial statements for the year ended 30 June 2025,
which were prepared in accordance with UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006. The financial
statements have been prepared under the historical cost convention, modified
in respect of financial assets and liabilities (derivative financial
instruments) at fair value through profit or loss, assets held for sale and
defined benefit pension scheme assets.
The results for each half year are unaudited and do not represent the Group's
statutory accounts within the meaning of section 434 of the Companies Act
2006. The interim financial information has not been reviewed or audited. The
Group's statutory accounts were approved by the Directors on 16 September 2025
and have been reported on by PricewaterhouseCoopers LLP and delivered to the
Registrar of Companies. The report of PricewaterhouseCoopers LLP was (i)
unqualified and (ii) did not contain a statement under section 498 of the
Companies Act 2006.
Going concern
In determining the appropriate basis of preparation of the financial
statements for the six months to 31 December 2025, the Directors are required
to consider whether the Group can continue in operational existence for the
foreseeable future.
The Group meets its funding requirements through internal cash generation and
bank credit facilities. The Group has access to a €200 million
multi-currency RCF, with covenants in respect of debt cover and interest
cover, as well as an uncommitted €75 million accordion feature. The Group
also has facilities whereby it can borrow against certain of its trade
receivables. At 31 December 2025, liquidity, as detailed in note 16, amounted
to £135.3 million.
In assessing the going concern assumptions, the Board has reviewed the Group's
base case scenario and considered severe but plausible downside scenarios.
The Group's base case scenario to 30 June 2027 assumes:
· average revenue growth of c.4% per annum, driven predominantly by
volume increases;
· raw material input costs growing at levels consistent with expected
revenue growth;
· interest rates reducing in line with current market expectations; and
· Sterling:Euro exchange rate of £1:€1.20.
The Directors have considered severe but plausible downside scenarios to
stress test the Group's financial forecasts, with the following assumptions:
· a 5% year-on-year revenue reduction in 2026;
· revenue growth in 2027 reducing to 1%, being half of the Group's
long-term target of 2%;
· an increase in raw material and packaging input costs compared to
latest forecasts;
· interest rates increasing by 100 basis points; and
· Sterling appreciating significantly against the Euro to £1:€1.25.
If such a severe but plausible downside risk scenario were to occur, the Group
would remain within low-risk levels of liquidity and be compliant with current
banking covenants.
After reviewing the current liquidity position, financial forecasts, stress
testing of potential risks and considering the uncertainties described above,
and based on the currently committed funding facilities, the Directors have a
reasonable expectation that the Group has sufficient resources to continue in
operational existence and without significant curtailment of operations for
the foreseeable future. For these reasons, the Directors continue to adopt the
going concern basis of accounting in preparing the Group financial statements.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements from which this
preliminary announcement is derived requires management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported assets, liabilities, income and expenses. Actual results may
differ from these estimates. The significant judgements made by management in
applying the Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated financial
statements for the year ended 30 June 2025.
3. Segment information
Segmental reporting
Financial information is presented to the Board by business division for the
purposes of allocating resources within the Group and assessing the
performance of the Group. There are five separately managed and accountable
business divisions. The European business is managed as four divisions based
on product technology and the Asia Pacific division is based on geography:
· Liquids;
· Unit Dosing;
· Powders;
· Aerosols; and
· Asia Pacific.
Intra-group revenue from the sale of products is agreed between the relevant
customer-facing units and eliminated in the segmental presentation that is
presented to the Board and therefore excluded from the reported figures. Most
overhead costs are directly attributed within the respective divisions' income
statements. Central overheads are allocated to a reportable segment
proportionally using an appropriate cost driver and include costs of certain
Group functions (mostly associated with financial disciplines such as
treasury). Corporate costs include the costs associated with the Board and the
Executive Leadership Team, governance and being a listed company. Exceptional
items are detailed in note 4 and are not allocated to the reportable segments
as this reflects how they are reported to the Board. Finance expense and
income are not allocated to the reportable segments, as the Group Treasury
function manages this activity, together with the overall net debt position of
the Group.
The Board uses adjusted operating profit to measure the profitability of the
Group's businesses. Adjusted operating profit is, therefore, the measure of
segment profit presented in the Group's segment disclosures. Adjusted
operating profit represents operating profit before specific items that are
considered to hinder comparison of the trading performance of the Group's
businesses either year on year or with other businesses. During the years
under review, the items excluded from operating profit in arriving at adjusted
operating profit were the amortisation of intangible assets and exceptional
items.
Liquids Unit Dosing Powders Aerosols Asia Pacific Corporate Group
Period ended 31 December 2025 (unaudited)
£m
£m
£m
£m
£m
£m
£m
Revenue 269.0 115.7 44.9 33.9 11.7 - 475.2
Adjusted operating profit/(loss) 17.7 12.5 3.0 2.1 0.5 (4.3) 31.5
Amortisation of intangible assets (0.8)
Exceptional items (note 4) (2.4)
Operating profit 28.3
Finance costs (5.3)
Profit before taxation 23.0
Inventories 57.0 33.8 13.5 12.4 3.6 - 120.3
Capital expenditure 5.9 3.7 1.4 1.0 0.2 - 12.2
Amortisation and depreciation 6.0 3.5 0.5 0.4 0.7 - 11.1
Liquids Unit Dosing Powders Aerosols Asia Pacific Corporate Group
Period ended 31 December 2024 (unaudited)
£m
£m
£m
£m
£m
£m
£m
Revenue 268.9 118.1 44.0 28.7 11.7 - 471.4
Adjusted operating profit/(loss) 19.4 10.7 4.1 1.6 0.7 (4.5) 32.0
Amortisation of intangible assets (1.0)
Operating profit 31.0
Finance costs (5.3)
Profit before taxation 25.7
Inventories 59.1 29.9 13.1 10.2 2.9 - 115.2
Capital expenditure 4.0 3.8 0.6 0.9 - - 9.3
Amortisation and depreciation 6.0 3.1 0.6 0.3 0.7 - 10.7
Liquids Unit Dosing Powders Aerosols Asia Pacific Corporate Group
Year ended 30 June 2025 (audited)
£m
£m
£m
£m
£m
£m
£m
Revenue 529.6 228.9 85.5 58.9 23.6 - 926.5
Adjusted operating profit/(loss) 41.0 22.5 6.8 3.1 1.1 (8.4) 66.1
Amortisation of intangible assets (1.9)
Exceptional items (note 4) (4.0)
Operating profit 60.2
Finance costs (11.2)
Profit before taxation 49.0
Inventories 58.0 37.5 13.6 11.6 2.7 - 123.4
Capital expenditure 14.6 10.8 1.9 2.6 0.8 - 30.7
Amortisation and depreciation 11.4 7.0 1.3 0.5 1.4 - 21.6
4. Exceptional items
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
ERP integration 0.8 - -
Group-wide review of growth options 1.6 - 2.1
Organisation changes - - 1.5
Environmental remediation - - 0.4
Total charged to operating profit 2.4 - 4.0
Total exceptional items before tax 2.4 - 4.0
Total exceptional items of £2.4 million were recorded during the period
(2024: £nil). The charge comprised the following:
· £0.8 million (30 June 2025: £nil) ERP integration costs;
· £1.6 million (30 June 2025: £2.1m) costs relating to a
Group-wide review of growth options;
· £nil (30 June 2025: £1.5m) employee severance costs in relation
to organisational changes aimed at enhancing long-term operational efficiency
and capability in line with the Group's strategy; and
· £nil (30 June 2025: £0.4m) costs relating to the re-evaluation
of the environmental remediation provision.
5. Taxation
Reported profit before taxation was £23.0 million (2024: £25.7m). Adjusted
profit before taxation was £26.2 million (2024: £26.7m).
The tax charge on adjusted profit before taxation for the period was £7.8
million (2024: £6.5m) and the effective tax rate was 30% (2024: 25%), which
is consistent with the effective tax rate for the year ended 30 June 2025 of
32%.
The Group forecasts an adjusted effective tax rate for the full year of 30%,
before discrete items, which is higher than the UK corporation tax rate of 25%
due to non-UK tax rates, non-deductible items and local taxes payable.
6. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the profit for the
period attributable to owners of the Company by the weighted average number of
the Company's ordinary shares in issue during the financial period.
The weighted average number of the Company's ordinary shares in issue
excludes 4,819,113 shares (2024: 4,207,173 shares), being the weighted average
number of own shares held during the year in relation to employee share
schemes.
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
Reference 2025 2024 2025
Weighted average number of ordinary shares in issue (million) a 170.8 169.8 170.5
Effect of dilutive share options (million) 3.9 7.9 8.0
Weighted average number of ordinary shares for calculating
diluted earnings per share (million) b 174.7 177.7 178.5
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue assuming the conversion of all potentially
dilutive ordinary shares. Where potentially dilutive ordinary shares would
cause an increase in earnings per share, or a decrease in loss per share, the
diluted loss per share is considered equal to the basic loss per share.
During the period, the Company had equity-settled awards with a nil exercise
price that are potentially dilutive ordinary shares.
Adjusted earnings per share measures are calculated based on profit for the
period attributable to owners of the Company before adjusting items as
follows:
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Reference £m £m £m
Profit for calculating basic and diluted earnings per share c 16.0 19.4 33.2
Adjusted for:
Amortisation of intangible assets (note 8) 0.8 1.0 1.9
Exceptional items (note 4) 2.4 - 4.0
Taxation relating to the above items (0.8) (0.2) (1.5)
Profit for calculating adjusted earnings per share d 18.4 20.2 37.6
( )
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Reference pence pence pence
Basic earnings per share c/a 9.4 11.4 19.5
Diluted earnings per share c/b 9.2 10.9 18.6
Adjusted basic earnings per share d/a 10.8 11.9 22.1
Adjusted diluted earnings per share d/b 10.5 11.4 21.1
7. Shareholder returns
Dividends paid and received are included in the Company financial statements
in the year in which the related dividends are actually paid or received or,
in respect of the Company's final dividend for the year, approved by
shareholders.
The Board confirmed its intention to reinstate annual dividends in February
2025. A final dividend for the year ended 30 June 2025 of 3.0 pence per
ordinary share, costing approximately £5.2 million, in aggregate, was
approved at the Annual General Meeting and paid in the period to 31 December
2025.
On 1 December 2025, the Company commenced a share buyback programme of up to
£20 million in McBride plc ordinary shares. The first tranche of up to £10
million commenced on 1 December 2025. The maximum number of ordinary shares
that may be repurchased by the Company under the first tranche is 8,700,764.
Ordinary shares purchased under the share buyback programme will be cancelled.
During the period to 31 December 2025, the Company purchased and cancelled
1,044,839 ordinary shares, representing 0.6% of the issued ordinary share
capital as at 1 December 2025. The shares were acquired at an average price of
125.8 pence per share, with prices ranging from 119.6 pence per share to 144.6
pence per share. The total cost of £1.3 million was deducted from equity.
Since the period end, the Company has purchased and cancelled further ordinary
shares under the share buyback programme.
B Shares issued but not redeemed are classified as current liabilities.
Movements in the number of B Shares outstanding were as follows:
Nominal
Number value
000 £m
At 31 December 2024 (unaudited) and 30 June 2025 (audited) 665,888 0.7
Redeemed (71,278) (0.1)
At 31 December 2025 (unaudited) 594,610 0.6
B Shares carry no rights to attend, speak or vote at Company meetings, except
on a resolution relating to the winding up of the Company.
8. Intangible assets, property, plant and equipment and right-of-use assets
Goodwill
and other Property,
intangible plant and Right-of-use
assets equipment assets
£m £m £m
Net book value at 1 July 2025 (audited) 38.1 120.3 7.9
Currency translation differences - 2.2 0.1
Additions 6.0 6.2 0.4
Disposal of assets - (0.3) -
Impairment - (0.1) -
Depreciation charge - (8.3) (2.0)
Amortisation charge (0.8) - -
Net book value at 31 December 2025 (unaudited) 43.3 120.0 6.4
Included within goodwill and other intangible assets is goodwill of £19.8
million (30 June 2025: £19.8m), computer software of £2.4 million (30 June
2025: £2.9m) and customer relationships of £nil (30 June 2025: £0.1m).
Capital commitments as at 31 December 2025 amounted to £4.0 million (30 June
2025: £3.6m). At 31 December 2025, the Group was committed to future minimum
lease payments of £0.6 million (30 June 2025: £0.5m) in respect of leases
which have not yet commenced and for which no lease liability has been
recognised.
9. Financial risk management
The Group's activities expose it to a variety of financial risks: market risk
(including currency risk, fair value interest rate risk, cash flow interest
rate risk and price risk), credit risk and liquidity risk.
The condensed interim financial information does not include all financial
risk management information and disclosures required in the annual financial
statements and they should be read in conjunction with the Group's Annual
Report and Accounts 2025. There have been no material changes in the risk
management policies since the year end.
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
• Level 1 - unadjusted quoted prices in active markets for identical
assets or liabilities;
• Level 2 - inputs other than Level 1 that are observable for the
asset or liability, either directly (prices) or indirectly (derived from
prices); and
• Level 3 - inputs that are not based on observable market data
(unobservable inputs).
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Level 2 assets
Derivative financial instruments
Forward currency contracts 0.1 0.1 0.2
Interest rate caps 0.2 0.6 0.3
Total financial assets 0.3 0.7 0.5
Level 2 liabilities
Derivative financial instruments
Forward currency contracts (0.2) (0.3) (0.4)
Interest rate collars - - (0.1)
Total financial liabilities (0.2) (0.3) (0.5)
Total 0.1 0.4 -
Derivative financial instruments
Derivative financial instruments comprise the foreign currency derivatives and
interest rate derivatives that are held by the Group in designated hedging
relationships.
Foreign currency forward contracts are measured by reference to prevailing
forward exchange rates. Foreign currency options are measured using a variant
of the Monte Carlo valuation model. Interest rate caps are measured by
discounting the related cash flows using yield curves derived from prevailing
market interest rates.
Valuation levels and techniques
There were no transfers between levels during the year and no changes in
valuation techniques.
Financial assets and liabilities measured at amortised cost
The fair value of borrowings (including overdrafts and lease liabilities) are
as follows:
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Current 79.8 65.6 73.5
Non-current 63.2 62.6 65.9
Total borrowings 143.0 128.2 139.4
The fair value of the following financial assets and liabilities approximate
to their carrying amount:
· trade and other receivables;
· other current financial assets;
· cash and cash equivalents; and
· trade and other payables.
10. Net debt
Movements in net debt were as follows:
IFRS 16 Currency Unaudited
At 1 Jul non-cash Cash translation At 31 Dec
2025 movements((1)) flows differences 2025
£m £m £m £m £m
Overdrafts (2.0) - 0.1 - (1.9)
Bank loans (61.3) - 2.6 (0.4) (59.1)
Other loans (67.8) - (6.2) (1.2) (75.2)
Lease liabilities (8.3) (0.6) 2.2 (0.1) (6.8)
Financial liabilities (139.4) (0.6) (1.3) (1.7) (143.0)
Cash and cash equivalents 34.2 - (12.4) 0.6 22.4
Net debt (105.2) (0.6) (13.7) (1.1) (120.6)
((1))IFRS 16 non-cash movements includes additions (£0.4 million) and
interest charged (£0.2 million).
11. Pensions and post-employment benefits
The Group provides a number of post-employment benefit arrangements. In the
UK, the Group operates a closed defined benefit pension scheme and a defined
contribution pension scheme. Elsewhere in Europe, the Group has a number of
smaller post-employment benefit arrangements that are structured to accord
with local conditions and practices in the countries concerned. The Group also
recognises the assets and liabilities for all members of the defined
contribution scheme in Belgium, accounting for the whole defined contribution
section as a defined benefit scheme under IAS 19 'Employee Benefits', as there
is a risk the underpin will require the Group to pay further contributions to
the scheme.
At 31 December 2025, the Group recognised a deficit on its UK defined benefit
pension scheme of £23.1 million (30 June 2025: £23.0m). The Group's
post-employment benefit obligations outside the UK amounted to £1.9 million
(30 June 2025: £1.9m).
Non-governmental collected post-employment benefits had the following effect
on the Group's results and financial position:
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Profit or loss
Operating profit
Defined contribution schemes
Contributions payable (1.9) (1.6) (3.4)
Defined benefit schemes
Service cost and administrative expenses (net of employee contributions) (0.2) (0.2) (0.3)
Net charge to operating profit (2.1) (1.8) (3.7)
Finance costs
Net interest cost on defined benefit obligation (0.6) (0.6) (1.2)
Net charge to profit before taxation (2.7) (2.4) (4.9)
Other comprehensive income/(expense)
Defined benefit schemes
Net actuarial loss (2.3) (0.2) (1.2)
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Balance sheet
Defined benefit obligations
UK - funded (100.2) (98.1) (97.8)
Other - unfunded (11.0) (12.0) (11.0)
(111.2) (110.1) (108.8)
Fair value of scheme assets
UK - funded 77.1 72.2 74.8
Other - unfunded 9.1 10.1 9.1
Deficit on the schemes (25.0) (27.8) (24.9)
For accounting purposes, the UK scheme's benefit obligation as at 31 December
2025 has been calculated based on data gathered for the 2024 triennial
actuarial valuation and by applying assumptions made by the Company on the
advice of an independent actuary in accordance with IAS 19 'Employee
Benefits', which differ in certain respects from the assumptions made by the
Trustee for the purpose of the actuarial valuation.
12. Share capital
Allotted and fully paid
Number £m
Ordinary shares of 10 pence each
At 31 December 2024 (unaudited) and 30 June 2025 (audited) 174,057,328 17.4
Shares issued to EBT 4,502,575 0.5
Shares bought back on-market and cancelled (1,044,839) (0.1)
At 31 December 2025 (unaudited) 177,515,064 17.8
Ordinary shares carry full voting rights and ordinary shareholders are
entitled to attend Company meetings and to receive payments to shareholders.
On 1 December 2025, the Company commenced a share buyback programme of up to
£20 million in McBride plc ordinary shares. The first tranche of up to £10
million commenced on 1 December 2025. The maximum number of ordinary shares
that may be repurchased by the Company under the first tranche is 8,700,764.
Ordinary shares purchased under the share buyback programme will be cancelled.
During the period to 31 December 2025, the Company purchased and cancelled
1,044,839 ordinary shares, representing 0.6% of the issued ordinary share
capital as at 1 December 2025. The shares were acquired at an average price of
125.8 pence per share, with prices ranging from 119.6 pence per share to 144.6
pence per share. The total cost of £1.3 million was deducted from equity.
Since the period end, the Company has purchased and cancelled further ordinary
shares under the share buyback programme.
In addition, the EBT increased its holding in the Company through the purchase
of 5,282,881 ordinary shares. The Company provided £6.4 million of funding to
the EBT to fund these purchases, which will reduce equity dilution in the
Company on future vesting of incentive awards.
13. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties of the Company, are eliminated on consolidation and, therefore, are
not required to be disclosed in these financial statements.
Key management compensation and transactions with the Group's pension and
post-employment schemes for the financial year ended 30 June 2025 are detailed
in note 27 (page 160) of McBride plc's Annual Report and Accounts 2025. A copy
of McBride plc's Annual Report and Accounts 2025 is available on McBride's
website at www.mcbride.co.uk.
14. Exchange rates
The principal exchange rates used to translate the results, assets and
liabilities and cash flows of the Group's foreign operations into Sterling
were as follows:
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Average rate:
Euro 1.15 1.19 1.19
US Dollar 1.34 1.29 1.29
Danish Krone 8.57 8.89 8.88
Polish Zloty 4.88 5.12 5.07
Malaysian Ringgit 5.61 5.72 5.70
Australian Dollar 2.04 1.95 2.00
Closing rate:
Euro 1.15 1.21 1.17
US Dollar 1.35 1.25 1.37
Danish Krone 8.56 8.99 8.72
Polish Zloty 4.84 5.16 4.96
Malaysian Ringgit 5.46 5.60 5.77
Australian Dollar 2.01 2.02 2.10
15. Key performance indicators (KPIs)
Management uses a number of KPIs to measure the Group's performance and
progress against its strategic objectives. The most important of these are
noted and defined below:
Financial
· Revenue: Revenue from contracts with customers from the sale of goods
is measured at the invoiced amount, net of sales rebates, discounts, value
added tax and other sales taxes.
· Adjusted operating profit: Adjusted operating profit is operating
profit before amortisation of intangible assets and exceptional items.
· Adjusted EBITDA margin: The calculation of adjusted EBITDA, which
when divided by revenue gives this EBITDA margin, is defined in note 16.
· Free cash flow: Free cash flow is defined as cash generated before
exceptional items.
· Adjusted ROCE: Rolling twelve months total adjusted operating profit
divided by the average period-end capital employed. Capital employed is
defined as the total of goodwill and other intangible assets, property, plant
and equipment, right-of-use assets, inventories and trade and other
receivables, less trade and other payables.
· Transformation benefits: Net profit benefit achieved from the
implementation of the Transformation programmes.
Non-financial
· Lost time incident frequency rate: The number of lost time incidents
x 100,000 divided by total number of person-hours worked.
· Customer service level: The volume of products delivered in the
correct volumes and within requested timescales, as a percentage of total
volumes ordered by customers.
16. Alternative performance measures (APMs)
The performance of the Group is assessed using a variety of adjusted measures
that are not defined under IFRS and are therefore termed non-GAAP measures.
The non-GAAP measures used are adjusted operating profit, adjusted EBITDA,
adjusted finance costs, adjusted profit before tax, adjusted profit for the
period, adjusted earnings per share, free cash flow and cash conversion %,
adjusted ROCE, liquidity, net debt, net debt cover ratio (banking basis) and
interest cover ratio (banking basis). The rationale for using these measures,
along with a reconciliation from the nearest measures prepared in accordance
with IFRS, are presented below. The alternative performance measures we use
may not be directly comparable with similarly titled measures used by other
companies.
Adjusted measures exclude specific items that are considered to hinder
comparison of the trading performance of the Group's businesses either year on
year or with other businesses. This presentation is consistent with the way
that financial performance is measured by management and reported to the Board
and Executive Committee. It is used for internal performance analysis and
assessment of employee incentive arrangements. The Directors present these
adjusted measures in the financial statements in order to assist investors in
their assessment of the trading performance of the Group. Directors do not
regard these measures as a substitute for, or superior to, the equivalent
measures calculated and presented in accordance with IFRS.
During the years under review, the items excluded from operating profit in
arriving at adjusted operating profit were the amortisation of intangible
assets and exceptional items. Exceptional items and amortisation are excluded
from adjusted operating profit because they are not considered to be
representative of the trading performance of the Group's businesses during the
year.
A reconciliation for each non-GAAP measure to the most directly comparable
IFRS measure is set out below.
Adjusted operating profit and adjusted EBITDA
Adjusted operating profit is operating profit before amortisation of
intangible assets and exceptional items. Adjusted EBITDA means adjusted
operating profit before depreciation. A reconciliation between adjusted
operating profit, adjusted EBITDA and the Group's reported statutory operating
profit is shown below:
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Operating profit 28.3 31.0 60.2
Exceptional items in operating profit (note 4) 2.4 - 4.0
Amortisation of intangibles (note 8) 0.8 1.0 1.9
Adjusted operating profit 31.5 32.0 66.1
Depreciation of property, plant and equipment (note 8) 8.3 7.8 15.8
Depreciation of right-of-use assets (note 8) 2.0 1.9 3.9
Adjusted EBITDA 41.8 41.7 85.8
Adjusted profit before tax and adjusted profit for the period
Adjusted profit before tax is based on adjusted operating profit less adjusted
finance costs. Adjusted profit for the period is based on adjusted profit
before tax less taxation relating to non-adjusting items. The table below
reconciles adjusted profit before tax to the Group's reported profit before
tax.
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
Profit before tax 23.0 25.7 49.0
Exceptional items (note 4) 2.4 - 4.0
Amortisation of intangibles (note 8) 0.8 1.0 1.9
Adjusted profit before tax 26.2 26.7 54.9
Taxation (7.8) (6.5) (17.3)
Adjusted profit for the period 18.4 20.2 37.6
Adjusted earnings per share
Adjusted earnings per share is based on the Group's profit for the period,
adjusted for the items excluded from operating profit in arriving at adjusted
operating profit and the tax relating to those items.
Free cash flow and cash conversion %
Free cash flow is one of the Group's key performance indicators by which our
financial performance is measured. It is primarily a liquidity measure.
However, free cash flow and cash conversion % are also important indicators of
overall operational performance as they reflect the cash generated from
operations. Free cash flow is defined as cash generated before exceptional
items. Cash conversion % is defined as free cash flow as a percentage of
adjusted EBITDA (applicable only when adjusted EBITDA is positive). A
reconciliation from net cash generated from operating activities, the most
directly comparable IFRS measure to free cash flow, is set out as follows:
Unaudited Unaudited Audited
Half year to Half year to Year ended
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Net cash generated from operating activities 15.2 26.0 63.1
Add back:
Taxation paid 1.8 7.1 17.9
Interest paid 3.7 3.5 7.9
Refinancing costs paid 0.3 1.4 1.8
Cash outflow in respect of exceptional items 3.2 0.3 3.2
Free cash flow 24.2 38.3 93.9
Adjusted EBITDA 41.8 41.7 85.8
Cash conversion % 58% 92% 109%
Adjusted return on capital employed (ROCE)
Adjusted ROCE serves as an indicator of how efficiently we generate returns
from the capital invested in the business. It is a Group KPI that allows
management to evaluate the outcome of investment decisions. Adjusted ROCE is
defined as rolling twelve months total adjusted operating profit divided by
the average period-end capital employed. Capital employed is defined as the
total of goodwill and other intangible assets, property, plant and equipment,
right-of-use assets, inventories and trade and other receivables, less trade
and other payables. There is no equivalent statutory measure within IFRS.
Adjusted ROCE is calculated as follows:
Unaudited Unaudited Unaudited Audited
As at As at As at As at
31 Dec 31 Dec 31 Dec 30 Jun
2025 2024 2023 2025
£m £m £m £m
Goodwill (note 8) 19.8 19.7 19.8 19.8
Other intangible assets (note 8) 23.5 12.1 6.1 18.3
Property, plant and equipment (note 8) 120.0 110.7 115.8 120.3
Right-of-use assets (note 8) 6.4 7.2 8.7 7.9
Inventories 120.3 115.2 109.4 123.4
Trade and other receivables 141.7 137.1 147.7 139.1
Trade and other payables (207.8) (200.1) (215.5) (228.0)
Capital employed 223.9 201.9 192.0 200.8
Average period-end capital employed 212.9 197.0 198.4 200.6
Rolling twelve months adjusted operating profit 65.6 68.6 45.3 66.1
Adjusted ROCE % 30.8% 34.8% 22.8% 33.0%
Liquidity
Liquidity means, at any time, without double counting, the aggregate of:
(a) cash;
(b) cash equivalents;
(c) the available facility at that time, which comprises the headroom
available in the RCF and other committed facilities; and
(d) the aggregate amount available for drawing under uncommitted facilities.
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Cash and cash equivalents 22.4 10.6 34.2
RCF headroom 112.9 107.0 107.2
Liquidity 135.3 117.6 141.4
Net debt
Net debt consists of cash and cash equivalents, overdrafts, bank and other
loans and lease liabilities.
Net debt is a key indicator used by management to assess the Group's
indebtedness and overall balance sheet strength.
Net debt is an alternative performance measure as it is not defined in IFRS. A
reconciliation from loans and other borrowings, lease liabilities and cash and
cash equivalents, the most directly comparable IFRS measures to net debt, is
set out below:
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Current assets
Cash and cash equivalents 22.4 10.6 34.2
Current liabilities
Borrowings (note 9) (77.1) (62.3) (69.8)
Lease liabilities (2.7) (3.3) (3.7)
(79.8) (65.6) (73.5)
Non-current liabilities
Borrowings (note 9) (59.1) (58.3) (61.3)
Lease liabilities (4.1) (4.3) (4.6)
(63.2) (62.6) (65.9)
Net debt (120.6) (117.6) (105.2)
Net debt cover ratio (banking basis)
The net debt cover ratio (banking basis) is an indicator of the Company's
ability to repay its debts. Under the RCF it is calculated as net debt (as
defined in the RCF agreement) divided by EBITDA (as defined in the RCF
agreement). The Company uses the ratio to ensure compliance with the RCF
financial covenants.
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Net debt (as defined above) (120.6) (117.6) (105.2)
Invoice discounting facilities 75.2 62.3 67.8
B Shares (note 7) (0.6) (0.7) (0.7)
Lease liabilities 6.8 7.6 8.3
Adjustment for average exchange rates (0.1) (0.3) (0.8)
Net debt banking basis (as defined in the RCF agreement) (39.3) (48.7) (30.6)
Rolling twelve months adjusted EBITDA 85.9 87.9 85.8
Rolling twelve months net interest cost on defined benefit obligation (1.2) (1.2) (1.2)
Rolling twelve months loss on disposal of property, plant and equipment 0.6 1.2 0.4
Rolling twelve months EBITDA banking basis (as defined in the RCF agreement) 85.3 87.9 85.0
Net debt cover ratio (banking basis) 0.5x 0.6x 0.4x
Interest cover ratio (banking basis)
The interest cover ratio (banking basis) is a measure of the Company's ability
to pay the interest on its outstanding debts. Under the RCF it is calculated
as EBITDA (as defined in the RCF agreement) divided by adjusted finance costs
(excluding net interest cost on defined benefit obligation). The Company uses
the ratio to ensure compliance with the RCF financial covenants.
Unaudited Unaudited Audited
As at As at As at
31 Dec 31 Dec 30 Jun
2025 2024 2025
£m £m £m
Rolling twelve months EBITDA banking basis (as defined in the RCF agreement) 85.3 87.9 85.0
Rolling twelve months adjusted finance costs excluding net interest cost on 10.0 10.0 10.0
defined benefit obligation
Interest cover ratio (banking basis) 8.5x 8.8x 8.5x
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