20th Nov 2018 13:21
LONDON (Alliance News) - Packaging and label company Macfarlane Group PLC said Tuesday the momentum achieved in its first half has been maintained in the second half.
In the period from June 30 to October 31, Macfarlane said its organic revenue growth has been "consistent" from the levels record in the first half. The company is confident of meeting full year expectations, assuming the "normal seasonal uplift" in activity in the fourth quarter.
Macfarlane's sales growth for the year to date is 13%, with 5% achieved from organic growth and the remainder from acquisitions. As a result, the company said its pretax profit to date is "well above" the same period in 2017.
In 2017, Macfarlane posted a pretax profit of GBP9.3 million on revenue of GBP196.0 million.
"I am pleased to report that Macfarlane Group's performance in the second half of 2018 has continued to reflect the good progress demonstrated in the first half. The board remains confident in meeting its full year expectations for 2018," said Chairman Stuart Paterson.
Macfarlane said its bank borrowings at June 30 were GBP10.9 million. The company will pay GBP4.0 million in deferred consideration for prior acquisitions in the second half. Macfarlane said this reflects "strong trading" from the acquisitions during the earn-out period.
Shares in Macfarlane were flat Tuesday at 83.50 pence each.
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