17th Nov 2015 09:45
LONDON (Alliance News) - Packaging and labels company Macfarlane Group PLC on Tuesday said it maintained its trading momentum in the second half and is on track to meet its expectations for 2015.
The group said its Packaging Distribution division sales have increased 14% in the year to date, driven in part by acquisitions but also 6.0% organic, like-for-like growth. Operating profit from the division is set to rise significantly year-on-year.
Macfarlane said its Manufacturing Operations sales are down 2.0% for the year to date, though sales have improved in the second half. Demand weakness in exports markets continues to drag on packaging design and manufacturing sales, it said, though margins in the business have been helped by the group exiting its labels business.
"I am pleased to report that Macfarlane Group's performance in the second half of 2015 continues to demonstrate good progress following the growth seen in the first half of the year. The board remains confident that our full year expectations will be met," said Chairman Graeme Bissett.
Shares in Macfarlane were up 10% to 51.90 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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