McBride cuts 40 jobs at its Bradford, England, toiletries and household products factory as tough market conditions force cutbacks; company currently in consultations about 300 additional redundancies in U.K. operations
September 7, 2011
– McBride Plc. has cut around 40 jobs at a Bradford, England, toiletries and household products factory as difficult market conditions have forced cutbacks, Telegraph and Argus reported Sept. 7.
McBride is currently in consultations about an additional 300 redundancies in its U.K. operations, which employs 2,100 people in the country.
The company unveiled a restructuring program that included £4.5 million in redundancy costs in its results to the year to June 30, 2011.
Revenues over the year increased 1% to £812.4 million from £800.7 million, primarily on acquisitions in central and eastern Europe. Revenues from new markets grew to 9.1% of the total, versus 3% in the U.K. division.
Operating profit fell 61% to £13.8 million from £35.2 million a year prior. Group debts surged 40% to £88.7 million from £60 million.
The primary source of this article is Telegraph and Argus, Bradford, United Kingdom, on Sept. 7.