Mcbride
MCB · Main Market · Personal Care, Drug and Grocery Stores · mcap £304m · 180.2p 3 open situations →
Open · 3
Middle East input cost inflation
From April 2026 the Middle East conflict raised petrochemical, energy, packaging and haulage costs. On 12 Jun 2026 FY26 and FY27 adjusted EBITA was guided 5-10% below consensus. FY26 results on 15 Sep 2026 show adjusted operating profit of £59.0m (2025: £66.1m) on the Q4 margin lag. Further price rises are increasingly likely and Q1 FY27 lag is expected.
- Consensus
- FY26 £64.2m; FY27 £70.6m (Group-compiled adjusted EBITA)
- Timing of impact
- Concentrated in Q4 FY26 and Q1 FY27
- Exposure
- Limited to less than a full 3-month cost impact
- Recovery
- Three-month pricing approach; further price rises increasingly likely 15 Sep 2026 ↗
- Normalisation
- Back on track for FY27 heading into Q2 FY27 and beyond
- FY26 result
- Adjusted operating profit £59.0m vs £66.1m; adjusted EBITDA margin 8.6% vs 9.3% 15 Sep 2026 ↗
Next: margins to normalise from Q2 FY27, subject to materials pricing
- 15 Sep 2026 Q4 FY26 hit absorbed; Q1 FY27 lag expected
- 12 Jun 2026 Costs above expectations; second price recovery phase
- 2 Apr 2026 Elevated costs from April; surcharges notified
Vestacy contract manufacturing partnership
On 28 Aug 2026 McBride announced long-term contract manufacturing agreements (5-8 years) with Vestacy and signed an SPA for two Iberian plants for nominal consideration. Expected to lift Group revenue 15% (£170m a year from H2 FY28) at group-average margins. Net debt is expected to rise by up to £25m at peak.
- Revenue at maturity
- £170m per annum expected in H2 FY28, growing Group revenues 15% 28 Aug 2026 ↗
- Contract length
- Five to eight years 28 Aug 2026 ↗
- Price
- Nominal consideration for sites in Spain and Portugal 28 Aug 2026 ↗
- Funding
- Vestacy funds c.£34m (€40m) equipment; McBride c.£17m (€20m) over two years 28 Aug 2026 ↗
- Net debt
- Up to £25m increase at peak during H2 FY28 28 Aug 2026 ↗
- Timetable
- Site transfer early 2027; capacity fully operational early 2028 28 Aug 2026 ↗
Next: Completion of transfer of the Spain and Portugal sites
- 28 Aug 2026 SPA signed; completion expected early 2027
Special dividend and buyback programme
- 1 May 2026 announced
- 1 Dec 2025 announced
- 20 Nov 2025 proposed
- 20 Nov 2025 announced
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Company filings. Not investment advice.