(Reuters) – McBride Plc’s shares fell more than 23 percent after the cleaning products maker forecast full-year adjusted pretax profit to be about 10-15 percent lower than last year, as it struggles to cut raw material and logistics costs.
The company, which makes laundry and cleaning brands including Surcare, Limelite kitchen and Clean ‘n Fresh, said it expects overall raw material pricing to improve in the second half, but not to the extent anticipated in early January.
McBride, which expects sales to grow in the full year ending around June 2019, also flagged higher-than-expected distribution costs as logistics capacity shortfalls and internal service gaps drove up market rates.
Shares of the company were down at 99.6 pence in light early trading on the London Stock Exchange.
(Reporting by Arathy S Nair in Bengaluru; Editing by Arun Koyyur)