Revenue Growth (Actual) and Stable Demand
Group revenue increased by GBP 3.8m (0.8% on an actual basis) to approximately GBP 475m; private label and contract manufacturing volumes grew, supporting topline resilience.
Consistent Profitability and EBITDA
Adjusted EBITDA was GBP 41.8m, broadly in line with the prior year first half; EBITDA margin around just under 9% for H1 with full year expected to be over 9%.
Strong Cash Generation and Net Debt Control
Free cash flow of GBP 24m in H1; net debt remained controlled at GBP 120.6m despite shareholder returns, with circa GBP 135m of liquidity headroom and an unused EUR 75m accordion facility.
Successful SAP S/4HANA Wave 1 Go-Live
First SAP S/4HANA go-live in the U.K. successfully completed in November after two years of preparation, materially reducing future implementation risk and enabling future efficiency gains.
Private Label Market Momentum
Market panel data shows private label volume share at 36.1%, a 0.3 percentage point increase versus the prior four quarters, supporting continued demand for McBride's core offer.
Divisional Operational Strength — Aerosols & Unit Dosing
Aerosols volumes grew ~14.6% (revenue +18.1% to GBP 33.9m) and are close to the 100m cans target (supported by a GBP 2.5m production line investment). Unit Dosing delivered improved profitability (adjusted operating profit GBP 12.5m) and a return on sales of 10.8%.
Balanced Capital Allocation and Shareholder Returns
Board reinstated dividends (GBP 5.2m paid), purchased shares for the EBT (GBP 6.4m) to reduce future dilution, and launched a GBP 20m share buyback (GBP 1.3m deployed in the period); share price up ~40% since September 2025.
Investment to Support Growth and Transformation
H1 capital expenditure rose to GBP 14.8m with full year capex expected c. GBP 30–33m to support capacity, automation and the SAP rollout; targeted investments in capacity and packaging across divisions to secure future wins.