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McBride’s profit warning on lorry driver shortage sends shares lower

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The leading European manufacturer of cleaning products has warned that profits for the year to next June are likely to be 55 per cent to 65 per cent lower.

McBride shares sunk at the open this morning after the cleaning products maker said profits would be significantly lower than expectations.

The cleaning products maker warned that profits for the year to next June are likely to be 55 per cent to 65 per cent lower than the current market consensus of £19.7m  for full year 2021.

It blamed a shortage of lorry drivers and raw materials as well as rising costs.

Net debt at 30 June 2022 is also likely to be five per cent to ten per cent higher than the full-year 2021 consensus. 

Although only seven weeks into the new financial year, the raw material environment remains extremely challenging in terms of exceptional price increases and supply availability.

At the open share sunk to 71p, although have pared losses to settle at around 77p currently.