QuickView: Interim results: A new team restructures
A new management team is in place, with the clear aim of restructuring and realigning the group. Annual £12m cost savings are equivalent to c 50% EBIT. Strong FCF should reduce leverage from next year and a 5.5% dividend yield appears safe. Although underlying trading remains weak, this is reflected in 12.1x FY15 and 9.5x FY16 P/Es (c 40% discount to peers) and we believe the stock is attractive as a recovery play.McBride is engaged as a supplier of Private Label Household and Personal Care products. Co. develops and manufactures products for the majority of retailers and main brand owners throughout the U.K., Europe and Asia. Co. operates across 12 countries, with 17 manufacturing facilities. Co. has two division: Household, which activities are managed by four regional teams: the U.K., North, South and East and also the U.K. business imports materials used for manufacturing from the European Union; and Personal Care and Aerosols, which comprises the personal care liquids, skincare and aerosols businesses.
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