REG - Macfarlane Group PLC - AGM Trading Update

MacfarlaneAnnouncement

09/05/2023 07:15

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RNS Number : 6802Y  Macfarlane Group PLC  09 May 2023

 

9 May 2023

ANNUAL GENERAL MEETING

TRADING UPDATE

Solid start to 2023 - on course to meet full year expectations

Macfarlane Group PLC ("Macfarlane") will today hold its Annual General Meeting
("AGM") at which the Company will provide a Trading Update covering 2023 to
date.  Aleen Gulvanessian, Chair, will update shareholders:

·    Macfarlane has made a solid start to 2023, with Q1 sales and profits
ahead of the same period in 2022.

·    Packaging Distribution sales grew by 4% in Q1 2023, with the benefit
of the acquisition of PackMann in May 2022 and new business growth being
partly offset by continuing weak demand from the e-commerce retail sector.

·    Manufacturing Operations grew sales by 14% in Q1 2023, with good
recovery in certain industrial markets enhanced by the acquisition of A.E.
Sutton Limited in March 2023.

·    Macfarlane has completed two quality acquisitions during the first
four months of 2023, the latest being the acquisition of Gottlieb Packaging
Materials, a protective packaging distributor based in Manchester.

·    Net bank debt at the end Q1 2023 was £0.1m, an improvement on the
position at 31 December 2022 (£3.4m). This remains well within the Group's
bank facilities of £30m and related covenants, committed until December 2025.

·    Macfarlane continues to focus on organic growth in attractive end
markets supplemented by quality acquisitions, strong cash generation and
targeting a progressive dividend.

·    Our expectations for the full year are unchanged.

Aleen Gulvanessian will further comment:

"The growth in both sales and profits that we have achieved in the first
quarter of 2023 continues to demonstrate the effectiveness of our strategy,
the quality of our people and the resilience of our business model."

 

 Further enquiries:  Macfarlane Group                                                     Tel: 0141 333 9666
                     Aleen Gulvanessian        Chair
                     Peter Atkinson                 Chief Executive
                     Ivor Gray                            Finance Director

                     Spreng Thomson                                                       Tel: 0141 548 5191
                     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, support their sustainability objectives 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 across a wide range of sectors, including:
retail e-commerce; consumer goods; food; logistics; mail order; electronics;
defence, automotive and aerospace.

 

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