REG - Macfarlane Group PLC - Half-year Report
24/08/2023 07:00
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RNS Number : 2544K Macfarlane Group PLC 24 August 2023
24 August 2023
MACFARLANE GROUP PLC
("MACFARLANE GROUP", "THE COMPANY", "THE GROUP")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2023
RESILIENT H1 2023 PERFORMANCE - PROFIT EXPECTATIONS FOR THE FULL YEAR
UNCHANGED
H1 2023 H1 2022 Increase
Financial Highlights £000 £000 %
Revenue 141,612 139,209 2%
Operating profit before amortisation(1) 12,839 11,384 13%
Operating profit 10,800 9,604 12%
Profit before tax 9,987 8,857 13%
Profit for the period 7,510 6,888 9%
Interim dividend (pence) 0.94p 0.90p 4%
Basic earnings per share (pence) 4.74p 4.36p 9%
1 See note 2 for reconciliation of alternative performance measure,
operating profit before amortisation, to operating profit.
Key highlights
· Revenue grew by 2% versus H1 2022 to £141.6m.
· Profit before tax at £10.0m increased by 13%.
· Basic and diluted earnings per share were 4.74p per share (H1 2022:
4.36p per share) and 4.70p per share (H1 2022: 4.31p per share) respectively.
· Profit in line with expectations for the full year.
Packaging Distribution
· Packaging Distribution grew revenue by £0.4m to £124.0m in H1 2023.
· A good contribution from the acquisitions of PackMann in May 2022 and
Gottlieb in April 2023, combined with organic growth in Europe and new
business wins, offset lower demand from customers in the UK and Ireland.
· Operating profit before amortisation increased by 6% to £9.4m (H1
2022: £8.9m) through effective management of input pricing which offset
inflation in operating costs.
Manufacturing Operations
· Manufacturing Operations delivered strong revenue growth of 13% to
£17.7m (H1 2022: £15.7m).
· A good contribution from Suttons, acquired in February 2023, offset the
slower demand in certain industrial markets.
· Operating profit before amortisation increased 36% to £3.4m (H1 2022:
£2.5m).
Group
· Effective management of working capital resulted in net cash inflow
from operating activities of £20.3m (H1 2022: £6.5m).
· Net bank debt on 30 June 2023 was £3.3m - a cash inflow of £0.1m from
31 December 2022, after £11.4m of investment in acquisitions and £1.4m of
capital expenditure. The Group is operating well within its bank facility of
£35.0m, increased from £30.0m at 31 December 2022, which runs until 31
December 2025.
· Pension scheme surplus increased to £12.8m at 30 June 2023 (31
December 2022: £10.2m). The improvement is due to continued contributions
from the Group and an increase in the discount rate, offset by lower
investment returns in H1 2023.
· Interim dividend increased to 0.94p per share (H1 2022: 0.90p per
share) - to be paid on 12 October 2023 to shareholders on the register as at
15 September 2023 (ex-dividend date 14 September 2023).
Aleen Gulvanessian, Chair of Macfarlane Group PLC, today said: -
Trading
"The Group has demonstrated resilience in the first half of 2023, against the
backdrop of a slowdown in customer demand. We have executed two high quality
acquisitions which are both performing well, we continue to make good progress
in Europe and have positive new business momentum. The inflationary impact
of operating cost increases has been offset by effective input price
management. We opened our new Northern Innovation Lab in March 2023 which is
already having early success in helping our customers reduce their total cost
of packaging and carbon footprint."
Outlook
"Whilst we expect the second half of 2023 to remain challenging, our good
progress in Europe, diverse customer base, strong new business momentum and
effective management of pricing and costs mean that our profit expectations
for the full year remain unchanged."
Further enquiries: Macfarlane Group Tel: 0141 333 9666
Aleen Gulvanessian Chair
Peter Atkinson Chief Executive
Ivor Gray
Finance Director
Spreng Thomson
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 and enhance their brand presentation.
The divisions are:
* Packaging Distribution - Macfarlane Packaging Distribution is the leading UK
distributor of a comprehensive range of protective packaging products; and
* 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 37 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 supplying to a wide range of sectors, including:
retail e-commerce; consumer goods; food; logistics; mail order; electronics;
defence; medical; automotive; and aerospace.
Interim Results - Management Report
Macfarlane Group's trading activities comprise Packaging Distribution and
Manufacturing Operations.
Macfarlane's Packaging Distribution business is the UK's leading specialist
distributor of protective packaging materials, with a growing presence in
Europe. Macfarlane operates a stock and serve supply model in the UK,
Ireland, the Netherlands, and Germany from 27 Regional Distribution Centres
("RDCs") and three satellite sites, supplying industrial and retail customers
with a comprehensive range of protective packaging materials on a local,
regional, and national basis.
Competition in the packaging distribution market is from local and regional
protective packaging specialist companies as well as national/international
distribution generalists who supply a range of products, including protective
packaging materials. Macfarlane competes effectively on a local basis
through its strong focus on customer service, its breadth and depth of product
offering and through the recruitment and retention of high-quality staff with
good local market knowledge. On a national and international basis,
Macfarlane has market focus, expertise and a breadth of product and service
knowledge, all of which enable it to compete effectively against
non-specialist packaging distributors.
Packaging Distribution benefits its customers by enabling them to ensure their
products are cost-effectively protected in transit and storage through the
supply of a comprehensive product range, single source stock and serve supply,
just-in-time delivery, tailored stock management programmes, electronic
trading and independent advice on both packaging materials and packing
processes. Through the 'Significant Six' sales approach we reduce our
customers' 'Total Cost of Packaging' and their carbon footprint. This is
achieved through supplying effective packaging solutions, optimising
warehousing and transportation, reducing damages and returns, and improving
packaging efficiency.
"Significant Six" represents the six key costs in a customer's packing process
being transport, warehousing, administration, damages and returns,
productivity and customer experience.
H1 2023 H1 2022
£000 £000
Revenue 123,955 123,533
Cost of sales (81,563) (83,627)
Gross margin 42,392 39,906
Overheads (32,954) (31,022)
Operating profit before amortisation 9,438 8,884
Amortisation (1,461) (1,379)
Operating profit 7,977 7,505
The main features of Packaging Distribution performance in H1 2023 were:
· Some weakening of demand from customers in the UK and Ireland.
· Good organic growth in Europe through our "Follow the Customer"
strategy.
· Revenue growth of £6.3m achieved from the acquisition of Gottlieb in
April 2023 and PackMann in May 2022.
· New business in H1 2023 24% higher than H1 2022, with early success
from our new Northern Innovation Lab.
· Effective management of input prices which has offset the impact of
inflationary increases in operating costs, particularly energy and labour.
· Increase in operating profit before amortisation of 6%.
· Improvement in operating profit before amortisation as a percentage of
revenue to 7.6% (H1 2022: 7.2%).
Interim Results - Management Report (continued)
The key areas we will focus on in H2 2023 are to:
· Accelerate new business momentum through effective use of our leading
sales tools and processes - "Packaging Optimiser" ', Significant Six and our
Innovation Labs.
· Support our customers to reduce their carbon footprint through offering
more sustainable packaging solutions.
· Continue to effectively manage input price changes.
· Achieve benefits from our information technology investments in
Microsoft Dynamics, Slimstock, and Warehouse Management.
· Introduce improvements to our web-based solutions to provide customers
with access to our full range of products and services more easily.
· Accelerate the progress we have made in Europe through our "Follow the
Customer" programme and PackMann, acquired in H1 2022.
· Reduce operating costs through efficiency programmes in sales,
logistics and administration.
· Plan our second major site consolidation in the East Midlands.
· Maintain our focus on working capital management to facilitate future
investment and manage effectively the ongoing bad debt risk within the current
economic environment.
· Supplement organic growth through progressing further high-quality
acquisitions in the UK and Europe.
' Packaging Optimiser is a Macfarlane developed software tool that measures
the financial and carbon benefits of the Significant Six selling approach.
Manufacturing Operations comprises our Packaging Design and Manufacture
business as well as GWP, acquired in February 2021, and Suttons acquired in
March 2023.
Manufacturing Operations designs, manufactures, assembles, and distributes
bespoke packaging solutions for customers requiring cost-effective methods of
protecting high value products in storage and transit. The primary raw
materials are corrugate, timber and foam. The businesses operate from five
manufacturing sites, in Grantham, Westbury, Swindon, Salisbury and Chatteris,
supplying both directly to customers and through the national RDC network of
the Packaging Distribution business.
Key market sectors are defence, aerospace, medical equipment, electronics,
automotive, e-commerce retail and household equipment. The markets we serve
are highly fragmented, with a range of locally based competitors. We
differentiate our market offering through technical expertise, design
capability, industry accreditations and national coverage through the
Packaging Distribution business.
H1 2023 H1 2022
£000 £000
Revenue 17,657 15,676
Cost of sales (8,729) (8,486)
Gross margin 8,928 7,190
Overheads (5,527) (4,690)
Operating profit before amortisation 3,401 2,500
Amortisation (578) (401)
Operating profit 2,823 2,099
Good growth in operating profit of 34% has been achieved, despite slowing
demand in certain industrial sectors, by:
· A strong contribution from the acquisition of Suttons in February 2023.
· Effective management of input pricing to offset increasing operating
costs, particularly energy and labour.
Interim Results - Management Report (continued)
The priorities for Manufacturing Operations in the second half of 2023 are to:
· Increase momentum of new business growth in target sectors e.g. medical
and defence.
· Prioritise new sales activity of our higher added-value bespoke
composite pack product range.
· Work with our customers to effectively manage material price changes.
· Continue to strengthen the relationship with our Packaging Distribution
businesses to create both sales and cost synergies.
· Supplement organic growth through progressing further high-quality
acquisitions in the UK.
Summary and Future Prospects
Macfarlane Group's businesses all have strong market positions with
differentiated product and service offerings. We have a flexible business
model and we effectively implement our strategic plan, which is reflected in
consistent profit growth and cash generation over a sustained period.
Our future performance continues to depend on our effectiveness in growing
sales and managing input prices, increasing efficiencies and bringing high
quality acquisitions into the Group. There will continue to be challenges in
2023, with rising costs and weak demand. However, our strategy and business
model have proved to be resilient and we expect to deliver further growth in
2023 and beyond.
Interim Results - Management Report (continued)
Risks and Uncertainties
The Group operates a formal framework for the identification and evaluation of
the major business risks faced by each business and determines an appropriate
course of action to manage these risks.
The principal risks and uncertainties which could impact on the performance of
the Group, together with the mitigating actions, were outlined on pages 24 to
28 in our Annual Report and Accounts for 2022 (available on our website at
www.macfarlanegroup.com
(https://url.avanan.click/v2/___http:/www.macfarlanegroup.com___.YXAxZTpzaG9yZWNhcDphOm86MTUyZDg2OWE5ZmZmY2EwZmU5MGY5YWNjMTM4NDljZWU6Njo3NzQ3OmUzMTA0NTQ1YzMwZjE5OGQ4YTViYmE0MjA5MGRkMTA4YmNiZWFhNWFhOTFhNjQ4YzYyODAyYzZkZjU2MjQwNzY6cDpU)
). These remain the same for the remaining six months of the current
financial year and are summarised below:
· Due to a range of prolonged geopolitical and economic uncertainties
within the UK and other markets, there is an increased risk that we are
entering into a challenging trading environment. If this materialises, the
length and depth of such an environment is unknown and may adversely affect
our ability to deliver upon agreed strategic initiatives. We may also need
to adapt our business quickly in order to limit the impact upon the Group's
results, prospects and reputation.
· Failure to respond to strategic shifts in the market, including the
impact of weaknesses in the economy as well as disruptive behaviour from
competitors and changing customer needs (e.g. the move towards online retail)
could limit the Group's ability to continue to grow revenues.
· Customers are increasingly focused on the environmental impacts of
packaging, changing their buying behaviours in response to climate and
sustainability concerns. Some investors are looking to invest in companies
that demonstrate strong ESG credentials. There is increasing regulatory
focus around reporting disclosures and new requirements, such as the Plastic
Tax introduced from April 2022. This cost is recharged directly onto our
customers. If the Group is not proactive and transparent in how it is
responding to environmental changes, this could lead to a loss of employees,
customers and investors.
· The Group's businesses are impacted by commodity-based raw material
prices and manufacturer energy costs, with profitability sensitive to input
price changes including currency fluctuations. The principal components are
corrugated paper, polythene films, timber and foam, with changes to paper and
oil prices having a direct impact on the price we pay to our suppliers.
· The Group's growth strategy has included a number of acquisitions in
recent years. There is a risk that such acquisitions may not be available on
acceptable terms in the future. It is possible that acquisitions will not be
successful due to the loss of key people or customers following acquisition or
acquired businesses not performing at the level expected. This could
potentially lead to impairment of the carrying value of the related goodwill
and other intangible assets. Execution risks around the failure to
successfully integrate acquisitions following conclusion of the earn-out
period also exist.
· The Group has a property portfolio comprising 1 owned site and 52
leased sites. This multi-site portfolio gives rise to risks in relation to
ongoing lease costs, dilapidations and fluctuations in value.
· The increasing frequency and sophistication of cyber-attacks is a risk
which potentially threatens the confidentiality, integrity and availability of
the Group's data and IT systems. These attacks could also cause reputational
damage and fines in the event of personal data being compromised.
· The Group needs continuous access to funding to meet its trading
obligations and to support organic growth and acquisitions. There is a risk
that the Group may be unable to obtain funds and that such funds will only be
available on unfavourable terms. The Group's borrowing facility comprises a
committed facility of up to £35m (£5m increase from 31 December 2022).
This includes requirements to comply with specified covenants, with a breach
potentially resulting in Group borrowings being subject to more onerous
conditions.
· The Group's defined benefit pension scheme is sensitive to a number of
key factors including investment returns, the discount rates used to calculate
the scheme's liabilities and mortality assumptions. Small changes in these
assumptions could cause significant movements in the pension surplus/deficit.
Interim Results - Management Report (continued)
Cautionary Statement
This announcement has been prepared solely to provide additional information
to shareholders to assess the Group's strategy and the potential for the
strategy to succeed. It should not be relied on by any other party or for
any other purpose.
This report and the condensed financial statements contain certain
forward-looking statements relating to operations, performance and financial
status. By their nature, such statements involve risk and uncertainty
because they relate to events and depend upon circumstances that will occur in
the future. There are a number of factors, including both economic and
business risk factors that could cause actual results or developments to
differ materially from those expressed or implied by these forward-looking
statements. These statements are made by the Directors in good faith based
on the information available to them up to the time of their approval of this
report. Nothing in this Interim Results Statement should be construed as a
profit forecast or an invitation to deal in the securities of the Group.
Responsibility Statement
The Directors of Macfarlane Group PLC during the first six months of 2023 were
A. Gulvanessian
Chair
P.D. Atkinson Chief Executive
I. Gray Finance Director
R. McLellan Non-Executive Director/Senior Independent
Director
J.W.F. Baird Non-Executive
Director
L.D. Whyte Non-Executive Director
The Directors confirm that, to the best of their knowledge:-
(i) the condensed set of financial statements has been
prepared in accordance with IAS 34 Interim Financial Reporting;
(ii) the interim management report includes a fair review
of the information required by DTR 4.2.7R of the Disclosure and Transparency
Rules, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed set
of financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(iii) the interim management report includes a fair review
of the information required by DTR 4.2.8R of the Disclosure and Transparency
Rules, being related party transactions that have taken place in the first six
months of the current financial year and that have materially affected the
financial position or performance of the entity during that period; and any
changes in the related party transactions described in the last annual report
that could do so.
Approved by the Board of Directors on 24 August 2023 and signed on its behalf
by
…………………………..
………………………
Peter D. Atkinson Ivor Gray
Chief Executive Finance Director
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Six Six Year
months to months to to 31
30 June 30 June December
2023 2022 2022
£000 £000 £000
Note
Continuing operations
Revenue 4 141,612 139,209 290,431
Cost of sales (90,292) (92,113) (192,374)
Gross profit 51,320 47,096 98,057
Distribution costs (5,265) (5,169) (10,736)
Administrative expenses (35,255) (32,323) (65,825)
Operating profit 4 10,800 9,604 21,496
Finance costs 5 (813) (747) (1,562)
Profit before tax 9,987 8,857 19,934
Tax 6 (2,477) (1,882) (4,210)
Profit for the period from continuing operations
4 7,510 6,975 15,724
Discontinued operations
Loss for the period from discontinued operations
- (87) (87)
Profit for the period 7,510 6,888 15,637
Earnings per share from continuing operations 8
Basic 4.74p 4.41p 9.94p
Diluted 4.70p 4.36p 9.84p
Earnings per share from continuing and discontinued operations 8
Basic 4.74p 4.36p 9.89p
Diluted 4.70p 4.31p 9.78p
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Six Six Year
months to months to to 31
30 June 30 June December
2023 2022 2022
£000 £000 £000
Items that may be reclassified to profit or loss Note
Foreign currency translation differences (64) 5 45
Items that will not be reclassified to profit or loss
Remeasurement of pension scheme liability 11 1,700 (825) (82)
Tax recognised in other comprehensive income
Tax on remeasurement of pension scheme liability 12 (425) 206 21
Other comprehensive income for the period, net of tax
1,211 (614) (16)
Profit for the period 7,510 6,888 15,637
Total comprehensive income for the period 8,721 6,274 15,621
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Note Share Share Revaluation Own Translation Retained
Capital Premium Reserve Shares Reserve Earnings Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2023 39,584 13,573 70 (7) 216 52,584 106,020
Comprehensive income
Profit for the period - - - - - 7,510 7,510
Foreign currency
translation differences - - - - (64) - (64)
Remeasurement of
pension scheme liability 11 - - - - - 1,700 1,700
Tax on remeasurement of
pension scheme liability 12 - - - - - (425) (425)
Total comprehensive income - - - - (64) 8,785 8,721
Transactions with shareholders
Dividends 7 - - - - - (3,990) (3,990)
Share-based payments - - - - - 254 254
Total transactions with
shareholders - - - - - (3,736) (3,736)
At 30 June 2023 39,584 13,573 70 (7) 152 57,633 111,005
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Note Share Share Revaluation Own Translation Retained
Capital Premium Reserve Shares Reserve Earnings Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2022 39,453 13,148 70 - 171 42,052 94,894
Comprehensive income
Profit for the period - - - - - 6,888 6,888
Foreign currency
translation differences - - - - 5 - 5
Remeasurement of
pension scheme liability 11 - - - - - (825) (825)
Tax on remeasurement of
pension scheme liability 12 - - - - - 206 206
Total comprehensive income - - - - 5 6,269 6,274
Transactions with shareholders
Dividends 7 - - - - - (3,677) (3,677)
New shares issued 131 425 - (7) - (549) -
Share-based payments - - - - - 337 337
Total transactions with
Shareholders 131 425 - (7) - (3,889) (3,340)
At 30 June 2022 39,584 13,573 70 (7) 176 44,432 97,828
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Note Share Share Revaluation Own Translation Retained
Capital Premium Reserve Shares Reserve Earnings Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2022 39,453 13,148 70 - 171 42,052 94,894
Comprehensive income
Profit for the period - - - - - 15,637 15,637
Foreign currency
translation differences - - - - 45 - 45
Remeasurement of
pension scheme liability 11 - - - - - (82) (82)
Tax on remeasurement of
pension scheme liability 12 - - - - - 21 21
Total comprehensive income - - - - 45 15,576 15,621
Transactions with shareholders
Dividends 7 - - - - - (5,102) (5,102)
New shares issued 131 425 - (7) - (549) -
Share-based payments - - - - - 607 607
Total transactions with
shareholders 131 425 - (7) - (5,044) (4,495)
At 31 December 2022 39,584 13,573 70 (7) 216 52,584 106,020
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) AT 30 JUNE 2023
30 June 30 June 31 December
2023 2022 2022
Note £000 £000 £000
Non-current assets
Goodwill and other intangible assets 86,531 79,447 75,685
Property, plant and equipment 9,076 7,591 7,863
Right of use assets 35,287 33,807 33,938
Trade and other receivables 35 35 38
Deferred tax assets 12 106 19 105
Retirement benefit surplus 11 12,771 8,847 10,199
Total non-current assets 143,806 129,746 127,828
Current assets
Inventories 19,929 25,150 22,608
Trade and other receivables 54,878 60,833 59,347
Current tax asset 540 - 675
Cash and cash equivalents 10 5,863 6,804 5,706
Total current assets 81,210 92,787 88,336
Total assets 4 225,016 222,533 216,164
Current liabilities
Trade and other payables 53,176 61,184 54,577
Provisions 723 1,370 1,769
Current tax liabilities 1,024 524 304
Lease liabilities 10 7,042 6,139 6,641
Bank borrowings 10 9,190 16,473 9,143
Total current liabilities 71,155 85,690 72,434
Net current assets 10,055 7,097 15,902
Non-current liabilities
Deferred tax liabilities 12 10,517 8,241 8,222
Trade and other payables 1,576 908 -
Provisions 1,583 1,848 1,560
Lease liabilities 10 29,180 28,018 27,928
Total non-current liabilities 42,856 39,015 37,710
Total liabilities 114,011 124,705 110,144
Net assets 4 111,005 97,828 106,020
Equity
Share capital 39,584 39,584 39,584
Share premium 13,573 13,573 13,573
Revaluation reserve 70 70 70
Own shares (7) (7) (7)
Translation reserve 152 176 216
Retained earnings 57,633 44,432 52,584
Total equity 111,005 97,828 106,020
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Six Six months to Year
months to 30 June to 31
30 June December
2023 2022 2022
Note £000 £000 £000
Profit/(loss) before tax from:
Continuing operations 9,987 8,857 19,934
Discontinued operations - (87) (87)
Total operations 9,987 8,770 19,847
Adjustments for:
Amortisation of intangible assets 2,039 1,780 3,577
Depreciation of property, plant, equipment 814 693 1,498
Depreciation of right-of-use assets 3,843 3,768 7,542
(Gain)/loss on disposal of property,plant,equipment (4) 132 71
Loss on disposal of subsidiaries - 87 87
Share-based payment expense 254 337 607
Finance costs 813 747 1,562
Operating cash flows before movements in working capital
17,746 16,314 34,791
Decrease/(increase) in inventories 3,253 (1,517) 1,025
Decrease/(increase) in receivables 5,994 (586) 285
Decrease in payables (1,793) (2,923) (9,027)
Decrease in provisions (1,023) (360) (249)
Pension contributions less current service costs (625) (1,322) (1,838)
Cash generated from operations 23,552 9,606 24,987
Income taxes paid (2,192) (2,322) (5,251)
Interest paid (1,060) (830) (1,738)
Net cash inflow from operating activities 20,300 6,454 17,998
Investing activities
Acquisitions 9 (11,370) (9,268) (8,655)
Proceeds from sales of subsidiaries - 166 166
Proceeds on disposal of property, plant and equipment 60 92 181
Purchases of property, plant and equipment (1,366) (2,271) (3,285)
Net cash flows from investing activities (12,676) (11,281) (11,593)
Financing activities
Dividends paid 7 (3,990) (3,677) (5,102)
Drawdown of bank borrowings (316) 5,957 (865)
Repayment of lease obligations 10 (3,524) (3,640) (7,215)
Net cash flows from financing activities (7,830) (1,360) (13,182)
Net decrease in cash and cash equivalents (206) (6,187) (6,777)
Cash and cash equivalents at beginning of period 5,346 12,123 12,123
Cash and cash equivalents at end of period 5,140 5,936 5,346
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
Reconciliation to condensed consolidated cash flow statement
Six months to 30 June 2023 Six months to 30 June 2022 Year to 31 December 2022
£000 £000 £000
5,863 6,804 5,706
Cash and cash equivalents per the balance sheet 10
Bank overdraft (723) (868) (360)
Balances per the cash flow statement 5,140 5,936 5,346
1. Basis of preparation
Macfarlane Group PLC is a public company listed on the London Stock Exchange,
incorporated and domiciled in the United Kingdom and registered in Scotland.
The Group's annual financial statements for the year ended 31 December 2022
were prepared in accordance with United Kingdom adopted international
accounting standards. This condensed set of interim financial statements has
been prepared in accordance with United Kingdom adopted International
Financial Reporting Standard IAS 34 Interim Financial Reporting.
This condensed set of interim financial statements has been prepared applying
the accounting policies that were applied in the preparation of the company's
published consolidated financial statements for the year ended 31 December
2022. There were no major changes from the adoption of new IFRS's in 2023.
Critical judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make estimates
and assumptions that affect the amounts reported for assets and liabilities as
at the balance sheet date and the amounts reported for revenues and expenses
during the period. Due to the nature of estimation, the actual outcomes may
well differ from these estimates.
Critical judgements
The directors have assessed the impact of climate change and consider that
this does not have a significant impact on these financial statements.
Property provisions of £2.3m have been recognised as at 30 June 2023 (31
December 2022: £3.3m), representing the directors' best estimate of
dilapidations on property leases. The directors have made the judgement that
no provision is required for certain property leases where there is no
intention to exit, having considered a number of factors including the extent
of modifications to the property, the terms of the lease agreement, and the
condition of the property.
No other significant critical judgements have been made in the current or
prior year.
Key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant effect on
the carrying amounts of assets and liabilities are discussed below:
· The determination of any defined benefit pension scheme asset or
liability is based on assumptions determined with independent actuarial
advice. The key assumptions used include discount rate and inflation rate
assumptions, for which a sensitivity analysis is provided in note 11. The
Directors consider that those sensitivities represent reasonable sensitivities
which could occur in the next financial period.
· The provision held against trade receivables considers an expected
credit loss model and related estimates of recoverable amounts. Whilst every
attempt is made to ensure that the provision held against doubtful trade
receivables is as accurate as possible, there remains a risk that the
provision may not match the level of debt which ultimately proves
uncollectable.
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of preparation
Business activities, risks and financing
The Group's business activities, together with the factors likely to affect
its future development, performance and financial position, are set out in the
Interim Management Report.
The Group's principal financial risks in the medium term relate to liquidity
and credit risk. Liquidity risk is managed by ensuring that the Group's
day-to-day working capital requirements are met by having access to committed
banking facilities with suitable terms and conditions to accommodate the
requirements of the Group's operations. Credit risk is managed by applying
considerable rigour in managing the Group's trade receivables. Although the
current economic climate indicates an increased level of risk, the Directors
believe that the Group is adequately placed to manage its financial risks
effectively.
The Group's banking arrangement with Bank of Scotland PLC comprises a
committed facility of £35m, expiring in December 2025, secured over the
assets of Macfarlane Group UK Limited, GWP Group Limited and GWP Holdings
Limited subsidiaries of Macfarlane Group PLC and bearing interest at
commercial rates. The facility has financial covenants for interest cover
and trade receivables headroom.
The Directors have reviewed the Group's cash and profit projections, which
they believe are based on prudent market data and past experience taking
account of reasonably possible changes in trading performance given current
market and economic conditions. The Directors are of the opinion that these
projections show that the Group should be able to operate within its current
facilities and comply with its banking covenants.
In assessing the going concern basis, the Directors have considered the
Group's business activities, the financial position of the Group and the
Group's risks and uncertainties. The Directors have a reasonable expectation
that the Company and the Group have adequate resources to continue in
operational existence for the foreseeable future, a period of not less than 12
months from the date of this report. For this reason, this condensed set of
financial statements has been prepared on the going concern basis.
Approval and review of condensed financial statements
These condensed financial statements were approved by the Board of Directors
on 24 August 2023. As in previous years, the set of condensed financial
statements for the half-year is unaudited.
2. Alternative performance measure
In addition to the various performance measures defined under IFRS the Group
reports operating profit before amortisation as a measure to assist in
understanding the underlying performance of the Group and its businesses when
compared to similar companies. Operating profit before amortisation is not
defined under IFRS and, as a result, does not comply with Generally Accepted
Accounting Practice ("GAAP") and is therefore known as an alternative
performance measure. Accordingly, this measure, which is not designed to be
a substitute for any of the IFRS measures of performance, may not be directly
comparable with other companies' alternative performance measures. Operating
profit before amortisation is defined as operating profit before customer
relationships and brand values amortisation reconciled in the table below.
Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
Continuing operations £000 £000 £000
Operating profit before amortisation 12,839 11,384 25,073
Customer relationships/brand values amortisation (2,039) (1,780) (3,577)
Operating profit 10,800 9,604 21,496
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
3. General information
Comparative figures for the year ended 31 December 2022 are extracted from
Macfarlane Group's statutory accounts for 2022. The information for the year
ended 31 December 2022 does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. A copy of the statutory accounts for
that year has been reported on by the Company's auditor and delivered to the
Registrar of Companies. The report of the auditor on 23 February 2023 was
(i) unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
4. Segmental information
The Group's principal business segment is Packaging Distribution, comprising
the distribution of packaging materials and supply of storage services in the
UK, Ireland and Europe. Other operations for the design, manufacture and
assembly of timber, corrugated and foam-based packaging materials in the UK
comprise one segment headed Manufacturing Operations.
Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Group segment - total revenue
Packaging Distribution 123,955 123,533 259,651
Manufacturing Operations 20,194 17,739 35,045
Inter-segment revenue (2,537) (2,063) (4,265)
Revenue 141,612 139,209 290,431
Trading results - continuing operations
Packaging Distribution
Total and external revenue 123,955 123,533 259,651
Cost of sales (81,563) (83,627) (176,193)
Gross profit 42,392 39,906 83,458
Net operating expenses (32,954) (31,022) (63,590)
Operating profit before amortisation 9,438 8,884 19,868
Amortisation (1,461) (1,379) (2,774)
Operating profit 7,977 7,505 17,094
Manufacturing Operations
Total revenue 20,194 17,739 35,045
Inter-segment revenue (2,537) (2,063) (4,265)
External revenue 17,657 15,676 30,780
Cost of sales (8,729) (8,486) (16,181)
Gross profit 8,928 7,190 14,599
Net operating expenses (5,527) (4,690) (9,394)
Operating profit before amortisation and impairment 3,401 2,500 5,205
Amortisation (578) (401) (803)
Operating profit 2,823 2,099 4,402
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
4. Segmental information (continued)
Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Operating profit - continuing operations
Packaging Distribution 7,977 7,505 17,094
Manufacturing Operations 2,823 2,099 4,402
Operating profit 10,800 9,604 21,496
Finance costs (note 5) (813) (747) (1,562)
Profit before tax 9,987 8,857 19,934
Tax (2,477)7, (1,882) (4,210)
(note 6)
Profit for the period from continuing operations 7,510 6,975 15,724
Loss for the period from discontinued operations - (87) (87)
Profit for the period 7,510 6,888 15,637
30 June 30 June 31 December
2023 2022 2022
£000 £000 £000
Total assets
Packaging Distribution 183,439 192,221 188,866
Manufacturing Operations 41,577 30,312 27,298
Total assets 225,016 222,533 216,164
Net assets
Packaging Distribution 81,094 77,718 85,929
Manufacturing Operations 29,911 20,110 20,091
Net assets 111,005 97,828 106,020
5. Finance costs Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Interest on bank borrowings 399 279 616
Interest on leases 661 551 1,122
Finance income relating to defined benefit pension scheme (note 11) (247) (83) (176)
Total finance costs from continuing operations 813 747 1,562
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
6. Tax Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Current tax
UK corporation tax 2,376 1,786 3,680
Foreign tax 291 113 253
Prior year adjustments 24 (21) (21)
Total current tax 2,691 1,878 3,912
Deferred tax current year (214) 4 207
prior year - - 91
adjustments
Total deferred (214) 4 298
tax
(note 12)
Total tax 2,477 1,882 4,210
Tax for the six months ended 30 June 2023 has been charged at 23.50% (2022 -
19.00%) representing the best estimate of the effective tax charge for the
full year. Deferred tax assets and liabilities at 30 June 2023 have been
calculated based on the long-term corporation tax rate of 25%, which had been
substantively enacted at that date.
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
7. Dividends Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Amounts recognised as distributions to equity holders in the period
Final dividend 2.52p per share (2022: 3,990 3,677 3,677
2.33 per share)
Interim - - 1,425
dividend
(2022: 0.90p per share)
Distributions in the period 3,990 3,677 5,102
An interim dividend of 0.94p per share, payable on 12 October 2023, was
declared on 24 August 2023 and has therefore not been included as a liability
in these condensed financial statements.
8. Earnings per share Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
Earnings £000 £000 £000
Profit for the period from continuing operations 7,510 6,975 15,724
Loss for the period from discontinued operations - (87) (87)
Profit for the period from continuing and discontinued operations 7,510 6,888 15,637
30 June 30 June 31 December 2022
Number of shares '000 2023 2022
Weighted average number of shares in issue for the
purposes of basic earnings per share 158,337 157,987 158,162
Effect of Long-Term Incentive Plan awards in issue 1,574 1,834 1,661
Weighted average number of shares in issue for the
purposes of diluted earnings per share 159,911 159,821 159,823
Basic earnings per share from continuing operations 4.74p 4.41p 9.94p
Diluted earnings per share from continuing operations 4.70p 4.36p 9.84p
Basic earnings per share from discontinued operations -p (0.06)p (0.06)p
Diluted earnings per share from discontinued operations -p (0.05)p (0.05)p
Basic earnings per share from continuing and discontinued operations
4.74p 4.36p 9.89p
Diluted earnings per share from continuing and discontinued operations
4.70p 4.31p 9.78p
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
9. Acquisitions
On 3 March 2023, Macfarlane Group UK Limited ("MGUK") acquired 100% of A.E.
Sutton Limited, for a total consideration of £13.5m and inherited net
cash/bank balances of £5.3m. Contingent consideration of £2.5m is payable
in the second quarters of 2024 and 2025, subject to certain trading targets
being met in the two twelve-month periods ending on 29 February 2024 and 28
February 2025 respectively.
On 28 April 2023, MGUK acquired 100% of A & G Holdings Limited, the parent
company of Gottlieb Packaging Materials Limited, for a total consideration of
£4.2m and inherited net cash/bank balances of £0.9m. Contingent
consideration of £0.8m is payable in the second quarters of 2024 and 2025,
subject to certain trading targets being met in the two twelve-month periods
ending on 30 April 2024 and 2025 respectively.
£2.1m was paid in 2023 to the sellers of GWP Holdings Limited, acquired in
2021, as the profit target was met for the twelve-month period ending 28
February 2023. £0.8m was held back subject to conclusion of an outstanding
warranty claim.
£0.8m was paid in 2023 to the sellers of Carters (Cornwall) Limited, acquired
in 2021, as the profit target was met for the twelve-month period ending 31
March 2023.
Contingent considerations are recognised as a liability in trade and other
payables and are remeasured to fair value of £3.8m at the balance sheet date
based on a range of outcomes between £Nil and £5.6m. Trading in the
post-acquisition period supports the remeasured value of £3.8m.
Fair values assigned to net assets acquired and consideration paid and payable
are set out below:-
Six months
to 30 June
2023
Net assets acquired £000
Other intangible assets 7,838
Property, plant and equipment 2,241
Inventories 574
Trade and other receivables 1,522
Cash and bank balances 6,194
Trade and other payables (1,817)
Current tax liabilities (361)
Lease liabilities (1,521)
Deferred tax liabilities (2,083)
Net assets acquired 12,587
Goodwill 5,047
Total consideration 17,634
Contingent consideration on acquisitions Current year (2,985)
2,915
Prior years
Total cash consideration 17,564
Net cash outflow arising on acquisition
Cash consideration (17,564)
Cash and bank borrowings acquired 6,194
Net cash outflow (11,370)
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
10. Analysis of changes in net debt
Cash and
cash Bank Lease Total
equivalents borrowing liabilities debt
£000 £000 £000 £000
Total debt
At 1 January 2022 12,315 (9,840) (34,942) (32,467)
Non-cash movements
Acquisitions - - (739) (739)
Disposals - - 163 163
New leases - - (1,743) (1,743)
Exchange movements - - (4) (4)
Lease modifications - - (532) (532)
Cash movements (5,511) (6,633) 3,640 (8,504)
At 30 June 2022 6,804 (16,473) (34,157) (43,826)
Non-cash movements
Acquisitions - - (895) (895)
Disposals - - 74 74
New leases - - (2,803) (2,803)
Exchange movements - - 4 4
Lease modifications - - (367) (367)
Cash movements (1,098) 7,330 3,575 9,807
At 31 December 2022 5,706 (9,143) (34,569) (38,006)
Non-cash movements
Acquisitions - - (1,521) (1,521)
Disposals - - 52 52
New leases - - (634) (634)
Exchange movements - - 57 57
Lease modifications - - (3,131) (3,131)
Cash movements 157 (47) 3,524 3,634
At 30 June 2023 5,863 (9,190) (36,222) (39,549)
Total cash movements for 2022 (6,609) 697 7,215 1,303
Net bank debt Net bank
debt
£000
At 30 June 2023 5,863 (9,190) (3,327)
At 31 December 2022 5,706 (9,143) (3,437)
Cash and cash equivalents (which are presented as a single class of asset on
the balance sheet) comprise cash at bank and other short-term highly liquid
investments with maturity of three months or less.
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
11. Retirement benefit obligations
The figures below have been prepared by Aon based on the results of the
triennial actuarial valuation as at 1 May 2020 updated to 30 June 2022, 31
December 2022 and 30 June 2023. The scheme investments and the scheme's net
surplus position as calculated under IAS 19 are as follows:
30 June 30 June 31 December
Investment class 2023 2022 2022
£000 £000 £000
Equities
UK equity funds 6,005 7,304 6,616
Overseas equity funds 15,608 13,234 13,671
Multi-asset diversified growth funds 12,259 27,061 12,674
Bonds
Multi asset credit fund 1,024 - -
Liability-driven Investment funds 20,956 14,314 23,352
Other investments
European loan fund 7,024 6,332 6,546
Secured property income fund 5,638 7,293 5,670
Cash 736 1,010 1,957
Fair value of Scheme investments 69,250 76,548 70,486
Present value of Scheme liabilities (56,479) (67,701) (60,287)
Pension scheme surplus 12,771 8,847 10,199
These amounts were calculated using the following principal assumptions as
required under IAS 19:
Assumptions 30 June 2023 30 June 2022 31 December 2022
Discount rate 5.30% 3.80% 4.80%
Rate of increase in pensionable salaries 0.00% 0.00% 0.00%
Rate of increase in pensions in payment 3% or 5% 3% or 5% 3% or 5%
for fixed increases for fixed increases for fixed increases
or 3.17% for LPI or 3.22% for LPI or 3.17% for LPI
PIE take up rate 65% 65% 65%
Inflation assumption (RPI) 3.40% 3.30% 3.40%
Inflation assumption (CPI) 2.80% 2.80% 2.80%
Life expectancy beyond normal retirement age of 65
Scheme member aged 55 22.9 years 22.6 years
Male 22.6 years
24.5 years 24.2 years
Female 24.3 years
Scheme member aged 65 Male 22.1 years 22.3 years 22.0 years
23.5 years 23.7 years 23.4 years
Female
Average uplift for GMP service 0.40% 0.40% 0.40%
Six months Six months Year to 31 December
to 30 June to 30 June 2022
2023 2022 £000
£000 £000
Movement in scheme surplus in the period
At start of period 10,199 8,267 8,267
Current service cost - (24) (42)
Employer contributions 625 1,346 1,991
Past service costs (curtailed due to closure of the scheme) - - (111)
Net finance income 247 83 176
Re-measurement of pension scheme liability in the period 1,700 (825) (82)
At end of period 12,771 8,847 10,199
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
11. Retirement benefit obligations (continued)
Sensitivity to key assumptions
Key assumptions used for IAS 19 are discount rate, inflation and mortality.
If different assumptions were used, then this could have a material effect on
the surplus. Assuming all other assumptions are held static then a movement
in the following key assumptions would affect the level of the surplus as
shown below:-
30 June 30 June 31 December
Assumptions 2023 2022 2022
£000 £000 £000
Discount rate movement of +3.0% 20,327 32,495 21,698
Inflation rate movement of +0.25% (541) (848) (577)
Mortality movement of +0.1 year in age rating 127 203 136
Positive figures reflect a reduction in scheme liabilities and therefore an
increase in the scheme surplus.
Six months Six months Year to 31
to 30 June to 30 June December
2023 2022 2022
£000 £000 £000
Movement in fair value of Scheme investments
Scheme investments at start of period 70,486 100,423 100,423
Interest income 1,645 947 1,886
Return on scheme assets (exc. amount shown in interest income) (1,800) (23,758) (29,475)
Contributions from sponsoring companies 625 1,346 1,991
Contribution from scheme members - 4 9
Benefits paid (1,706) (2,414) (4,348)
Scheme investments at end of period 69,250 76,548 70,486
Movement in present value of Scheme liabilities
Scheme liabilities at start of period (60,287) (92,156) (92,156)
Normal service costs - (24) (42)
Past service costs (curtailed due to closure of the scheme) - - (111)
Interest cost (1,398) (864) (1,710)
Contribution from scheme members - (4) (9)
Actuarial gain due to the changes in financial and experience 3,500 22,933 29,393
Benefits paid 1,706 2,414 4,348
Scheme liabilities at end of period (56,479) (67,701) (60,287)
Basis of recognition of surplus
Macfarlane Group PLC, based on legal opinion provided, has an unconditional
right to a refund of surplus assets assuming the full settlement of plan
liabilities in the event of a wind up of the Macfarlane Group PLC Pension
& Life Assurance Scheme (1974) (the 'Scheme'). Furthermore, in the
ordinary course of business the trustees have no rights to unilaterally wind
up the Scheme, or otherwise augment the benefits due to members of the
Scheme. Based on these rights, any net surplus in the Scheme is recognised
in full.
Investments
The Trustees review the Scheme investments regularly and consult with the
Company regarding any changes.
Funding
Following the completion of the triennial actuarial valuation at 1 May 2020,
Macfarlane Group PLC is paying deficit reduction contributions of £1.25m per
annum with a deficit recovery period of 4 years. The Group paid a further
£0.7m into the Scheme in H1 2022 to satisfy the debt agreed with the trustees
in relation to the cessation of Macfarlane Labels Limited as a sponsoring
employer.
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
12. Deferred tax Tax losses less
accelerated capital allowances Other intangible assets Retirement
£000 £000 Benefit
Obligations Total
£000 £000
At 1 January 2022 (319) (5,065) (2,069) (7,453)
Acquisitions - (971) - (971)
Credited/(charged) in income statement
Current period 4 341 (349) (4)
Charged in other comprehensive income - - 206 206
At 30 June 2022 (315) (5,695) (2,212) (8,222)
Acquisitions - 584 - 584
(Charged)/credited in income statement
Current period (488) 348 (154) (294)
Charged in other comprehensive income - - (185) (185)
At 1 January 2023 (803) (4,763) (2,551) (8,117)
Acquisitions (124) (1,959) - (2,083)
Credited/(charged) in income statement
Current period (31) 462 (217) 214
Credited in other comprehensive income - - (425) (425)
At 30 June 2023 (958) (6,260) (3,193) 10,411
Deferred tax assets 106 - - 106
Deferred tax liabilities (1,064) (6,260) (3,193) (10,517)
At 30 June 2023 (958) (6,260) (3,193) (10,411)
13. Related party transactions
Related party transactions for 2022 are disclosed in note 27 of the 2022
Annual Report. The directors are satisfied that, other than the changes in
the Retirement Benefit Obligations disclosed in note 11 above, there have been
no changes which could have a material effect on the financial position of the
Group in the first six months of the financial year.
Transactions between the Company and its subsidiaries have been eliminated on
consolidation and are not disclosed.
Details of individual and collective remuneration of the Company's Directors
and dividends received by the Directors for calendar year 2023 will be
disclosed in the Group's 2023 Annual Report. Peter Atkinson and Ivor Gray
hold option awards over 1,468,294 and 658,910 ordinary shares respectively
under the Macfarlane Group PLC Long Term Incentive Plan awarded in 2020, 2021,
2022 and 2023.
There are no other related party transactions during the six-month period
which require disclosure.
MACFARLANE GROUP PLC
SIX MONTHS ENDED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
14. Post balance sheet events
There are no post balance sheet events requiring disclosure.
15. Interim Report
The interim report will be posted to shareholders on 11 September 2023.
Copies will be available from the registered office, 3 Park Gardens, Glasgow
G3 7YE and available on the Company's website, www.macfarlanegroup.com
(https://url.avanan.click/v2/___http:/www.macfarlanegroup.com___.YXAxZTpzaG9yZWNhcDphOm86MTUyZDg2OWE5ZmZmY2EwZmU5MGY5YWNjMTM4NDljZWU6Njo3NzQ3OmUzMTA0NTQ1YzMwZjE5OGQ4YTViYmE0MjA5MGRkMTA4YmNiZWFhNWFhOTFhNjQ4YzYyODAyYzZkZjU2MjQwNzY6cDpU)
, from that date.
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