24th Nov 2022 10:33
Macfarlane Group PLC - Glasgow-based packaging and label company - Says sales revenue in the year-to-date is 11% ahead of the same period last year, with weaker volumes being offset through "effective management of input price increases". In 2021, sales from continuing operations was GBP264.5 million. Says actions to improve productivity and streamline its operating footprint are being implemented. Expects 2022 results to be ahead of last year and in line with full-year expectations.
Chair Aleen Gulvanessian said: "Given the well-publicised adverse market conditions we are pleased with the performance of the group so far in 2022 and confident in meeting our profit expectations for the year. Whilst challenges will continue to persist, with the experience of our management team, resilience of our business model and strong acquisition pipeline, we are well placed to maintain the group's positive progress."
In August, Macfarlane had said pretax profit in the six months to June 30 grew 3% to GBP8.9 million from GBP8.6 million a year prior. Revenue climbed 14% to GBP139.2 million from GBP122.1 million, which however was partly offset by widening costs.
Current stock price: 106.50 pence, up 3.9% on Thursday morning in London
12-month change: down 19%
By Xindi Wei; [email protected]
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