Macfarlane Group PLC - Glasgow-based supplier of protective packaging materials - Reports a solid start to 2023, with first quarter sales and profit ahead of the same period in 2022. States full year expectations are unchanged. Says packaging distribution sales grew 4% in the period boosted by the acquisition of PackMann in May 2022 and new business growth being partly offset by continuing weak demand from the e-commerce retail sector. Manufacturing Operations sales improved 14% with a good recovery in certain industrial markets enhanced by the acquisition of AE Sutton Ltd. Continues to focus on organic growth in attractive end markets supplemented by quality acquisitions, strong cash generation and targeting a progressive dividend.

Current stock price: 115.50 pence, up 3.1% in London on Tuesday

12-month change: down 8.9%

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