Macfarlane Group PLC - Glasgow-based packaging and label company - Says 2022 results are ahead of market expectations. Revenue is up 10% to £290.4 million from £264.5 million in 2021. Pretax profit rises 6.4% to £19.9 million from £18.7 million, as operating profit rises by 7.2% to £21.5 million from £20.1 million the year before.

Notes results are achieved despite ‘marked slowdown’ in e-commerce spending, and it expects challenges to continue into 2023. Says revenue in the Packaging Distribution unit achieved revenue growth of 8.4% to £259.7 million from £239.5 million the year before. ‘Despite these challenges, with the effectiveness of our strategy...we expect Macfarlane to continue to deliver further growth in 2023,’ it says.

Declares a final dividend of 2.52 pence per share, amounting to a full-year dividend of 3.42p, up 6.9% from 3.20p the year prior.

Current stock price: 109.75 pence each, up 3.5% on Thursday afternoon in London

12-month change: down 12%

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