Cleaning product manufacturer and supplier McBride, has announced it aims to grow annual revenues to €1bn in the next five years.
The group announced its aim alongside unaudited results for the year to June 30.
McBride reported pre-tax profits were down 49.1 per cent for the year ended June 30, from £22m in 2019 to £11.2m.
Group revenues dipped 2.1 per cent to £706.2m.
However, he group reported a ‘strong performance’ in the last four months, driven by an increased demand for cleaning, dishwasher and aerosol products.
It comes after Chris Smith was appointed McBride’s new chief executive in June.
He said: “The Group has delivered a solid FY20 performance overall.
“Following a tough first half year, demand for many of our cleaning products rose strongly as a result of Covid-19.
“I am very proud of the way the McBride team has responded to the numerous challenges and opportunities that have arisen from the pandemic and the improved second half financial performance.
“Today McBride is announcing the initial findings of a thorough business review and the initial phase of its new “Compass” strategy that targets annual revenues of €1bn over the next five years.
“From January 2021, we will establish separately managed divisions, each with their own focused strategies, and I am confident that the new McBride teams will deliver on our new ambitions.”
The group said Covid-19 had not caused significant disruption for the business.
It said its new Malaysian factor will be operational from December, while its UK Powders site Barrow is scheduled to close in October.
