Financial Trading Blog
Stock of the day 30/12/2014 – McBride PLC
The company started the year in a weakened position at £1.01, after a precipitous fall in the second half of 2013. Things seemed to be looking up for McBride, as it reached a year high of £1.15 in March, its highest price since October of last year.
However, the company suffered a near 10% drop at the start of April after an interim management statement that announced that group revenue was down 4%, with doubt cast over meeting market expectations in June 2014, the company’s fiscal year end. Despite a minor rally following this blow, the losses McBride’s share prices incurred in April set the tone for the rest of the year. And when the year-end results were revealed in September, McBride saw 2.3% loss in revenue year on year, with a 6.8% drop in adjusted operating profit, compounding an already dire situation.
By December the company had not stopped shedding points, reaching its 2014 low in the middle of the month at a price of £0.76, just over half of 2013’s peak price. The company’s stocks are still languishing around this price, currently at £0.78.
Unsurprisingly, given that McBride’s annual report was entitled ‘Adapting in a changing environment’, more adaptations had to be made, and December saw CEO Chris Bull leave with immediate effect, to be replaced by Rick de Vos. The company will also see new CFO Chris Smith begin in December. McBride will be hoping that this influx of fresh blood will give them cause for positivity when it releases its statement on Monday.
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