McBride plc

For the financial year ended 30 June 2026, revenue was GBP 7.7 million higher year over year, up 0.8%, but down GBP 17.3 million, or 1.8%, on a constant-currency basis. Adjusted operating profit was GBP 59 million, down GBP 7.1 million year over year, and EPS fell by 0.5p per share. Management said the Middle East-related input-cost shock in Q4 reduced annual profit by about GBP 6 million; without it, EBITDA/operating profit would have been around GBP 65 million. Net debt increased to GBP 122.8 million, liquidity was GBP 167.6 million, CapEx was GBP 31.2 million, the effective tax rate was 25%, and the IAS 19 pension deficit fell to GBP 18.1 million from GBP 23 million. For shareholder returns, GBP 18 million was deployed in the year and the board recommended a 3.1p dividend. Forward-looking, management expects further price rises may be needed, SAP Wave 2 go-live is targeted for early 2027, Eurotab is expected to add circa EUR 65 million of top line in the current financial year, and Vestacy is expected to add GBP 170 million of revenue by the second half of FY2028.

Chris Smith framed the year as strategically very positive despite the Q4 margin hit, pointing to the first go-live of the SAP rollout, the Eurotab acquisition, and the Vestacy agreement as proof that McBride is building scale and capability. He said the business remains compelling for retailers and brand owners, especially as private label penetration continues to rise and retailers may push private label further amid consumer inflation. His tone was confident and forward-looking, but he repeatedly emphasized volatility, pricing pressure, and the need to stay agile.

Mark Strickland focused on the profit bridge and balance sheet. He said revenue was up GBP 7.7 million, adjusted operating profit was GBP 59 million, EPS fell by 0.5p, net debt increased to GBP 122.8 million, liquidity was GBP 167.6 million, and CapEx was GBP 31.2 million. He estimated the war-related inflation impact at circa GBP 6 million, said the 12.2% raw-material and packaging inflation hit came in just two months, and noted interest paid fell to GBP 7.3 million while the P&L finance charge was GBP 10.2 million and is expected to rise to GBP 13 million in 2027. He also highlighted GBP 15.3 million of cumulative transformation benefits, with GBP 3.8 million from commercial excellence and GBP 6.5 million from productivity excellence.

Analysts focused on the size and execution of the Eurotab and Vestacy deals, whether McBride had to expand its internal team, and whether the company might need to refresh its capital markets targets. Management said they are adding project staff, that Eurotab began in November 2024 while Vestacy was first discussed about 18 months ago, and that a new Capital Markets Day may be considered within the next 12 months or so. On pricing, management said customers have options such as surcharges, reformulation, or resizing, but the current problem is the lag between cost inflation and price recovery; they warned that if oil stays around $100 to $110, they will have to go back to customers again. They also said there were no surprises in Eurotab, the team there is enthusiastic, and the Turkish market is an opportunity that will be built up over time through existing European supply before further investment.