28th Nov 2024 18:28
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 GBP35 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 GBP1.5 million from April. "Mitigation actions are currently being reviewed to minimise the impact," Macfarlane says. Read More
