McBride warns for first-half loss as cleaning giant battles soaring prices
Household cleaning products firm McBride has warned it expects to sink to a first-half loss as it battles to offset soaring prices due to the supply chain crisis.
The group, which is behind many supermarkets’ own-brand cleaning products, said raw material and packaging prices have ramped up faster than expected, while freight and distribution costs have also risen far higher than predicted and show no sign of slowing.
McBride is launching a second round of “substantial” price increases charged to customers across all its divisions – set to see in the region of “mid to high teen percentage” rises.
Despite this, the group said it is expecting to slump to an underlying loss of up to £10 million in its first half.
It did not provide a further update on the full-year outlook, having already warned in September that profits could tumble by up to 65 per cent.