Shares in McBride (MCB) dipped 6 per cent on the day management revealed a wobble on its recovery strategy during its first quarter. Underlying sales during the three months to the end of September were 7 per cent lower year on year.
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Revenue at its household division was down 5 per cent, following the loss of an important contract at the end of the prior financial year in Germany and weak underlying demand in France. However, management said the German business had since recovered the lost work. Its personal care and aerosols division also suffered a 12 per cent downturn in sales. Around half of this decline was due to the exit of loss-making contracts, as management seeks to consolidate manufacturing into fewer locations.
