23 November 2023
Macfarlane Group PLC
("Macfarlane Group", "Macfarlane")
Trading Update
Profits for the full year in line with expectations
Macfarlane Group PLC ("the Group"), the protective packaging specialist, today provides an update on trading for the period 1 January to 31 October 2023.
· The Board expects the Group's adjusted profit before tax* for 2023 to be ahead of last year and in line with its full year expectations.
· Revenue year to date is 2% below the same period last year, with 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 three acquisitions, all of which are performing well.
· Good progress is being made in Europe, with a strong contribution from PackMann acquired in 2022, and continuing organic growth.
· Net bank funds at 31 October 2023 were £3.7m (30 June 2023: Net bank debt of £3.3m).
Aleen Gulvanessian, Chair of Macfarlane Group, said:
"In challenging conditions, the performance of the Group this year has demonstrated the resilience of our business model and the benefit of effective management actions. The Board does not expect trading conditions to substantially improve in the near term and the management team will continue to execute actions to maintain the Group's progress."
* Adjusted profit before tax is profit before tax, amortisation and deferred contingent consideration adjustments.
| Further enquiries: | Macfarlane Group | Tel: 0141 333 9666 |
| | Aleen Gulvanessian Chair | |
| | Peter Atkinson Chief Executive | |
| | Ivor Gray Finance Director | |
| | Spreng Thomson | |
| | Callum Spreng | Mob: 07803 970103 |
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
· Macfarlane Group PLC has been listed on the Premium segment of the Main Market of the London Stock Exchange (LSE: MACF) since 1973 with over 70 years' experience in the UK packaging industry.
· Through its two divisions, Macfarlane Group services a broad range of business customers, supplying them with high quality protective packaging products which help customers reduce supply chain costs, improve operational efficiencies and enhance their brand presentation. The divisions are:
o Packaging Distribution - Macfarlane Packaging Distribution is the leading UK distributor of a comprehensive range of protective packaging products; and
o Manufacturing Operations - Macfarlane Design and Manufacture who design and produce protective packaging for high value and fragile products.
· Headquartered in Glasgow, Scotland, Macfarlane Group employs over 1,000 people at 39 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands.
· Macfarlane Group supplies more than 20,000 customers, principally in the UK and Europe.
· In partnership with 1,700 suppliers, Macfarlane Group distributes and manufactures 600,000+ lines supplying to a wide range of sectors, including: retail e-commerce; consumer goods; food; logistics; mail order; electronics; defence; medical; automotive; and aerospace.
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