UK private label products manufacturer, McBride, said it was predicted to achieve savings of £12m by the close of June 2016, according to the firm's annual update for the second half of 2014.
The savings will be a result of an ongoing restructuring project. Of the £12m, £3m will benefit the year 2015, with savings in the first six months expected to be £1m.
It also reported growth of 0.5% contributing to revenue on a constant currency basis in line with the prior year, a well as a positive impact from continued strong growth in Germany.
Period end net debt is expected to be in line with expectations at approximately £90m. The Group’s balance sheet remains strong, with substantial headroom within its committed borrowing facilities.
A leading provider of household and personal care products, McBride, which has factories in Middletone, Hull, Bradford and in numerouos locations in Europe and Australia, supplies more than 95% of Europe’s top 20 retailers including Aldi; Auchan; Carrefour; Casino; Edeka; Leclerc; Metro; Rewe; J Sainsbury’s; Tesco and Asda/ Wal *Mart.