Macfarlane Group PLC - Glasgow, Scotland-based packaging company - Expects a 2024 outturn ‘broadly in line with its full year expectations’. Revenue in the 10 months to October 31 is down 4% on-year, ‘with continued challenging market conditions resulting in weaker volumes and lower pricing impacting most sectors’. ‘These impacts are being offset by improved new business performance, effective management of pricing and costs and the completion of two acquisitions during the period, both of which are performing well,’ it adds. Continues to progress its ‘strong acquisitions pipeline’, and highlights a strong balance sheet and cash generation, supported by a £35 million bank facility, which ‘underpin’ the group’s strategy. Macfarlane explains it expects an increase in employers’ national insurance rates and the national minimum wage announced in last month’s budget to up yearly costs by £1.5 million from April. ‘Mitigation actions are currently being reviewed to minimise the impact,’ Macfarlane says.

Chair Aleen Gulvanessian says the firm is responding ‘effectively to the market headwinds’. Adds: ‘There is good new business momentum as customers increasingly recognise the added value we can offer both on an environmental and cost savings basis. The group remains well-positioned to benefit when the macro-economic outlook improves.’

Current stock price: 102.50 pence, down 1.4% in London on Thursday

12-month change: down 5.1%

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