REG - Macfarlane Group PLC - Trading Update

MacfarlaneAnnouncement

23/11/2023 07:00

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RNS Number : 3722U  Macfarlane Group PLC  23 November 2023

23 November 2023

Macfarlane Group PLC

("Macfarlane Group", "Macfarlane")

Trading Update

Profits for the full year in line with expectations

Macfarlane Group PLC ("the Group"), the protective packaging specialist, today
provides an update on trading for the period 1 January to 31 October 2023.

·    The Board expects the Group's adjusted profit before tax* for 2023 to
be ahead of last year and in line with its full year expectations.

·    Revenue year to date is 2% below the same period last year, with
weaker volumes and lower pricing impacting most sectors.

·    These impacts are being offset by improved new business performance,
effective management of pricing and costs, and the completion of three
acquisitions, all of which are performing well.

·    Good progress is being made in Europe, with a strong contribution
from PackMann acquired in 2022, and continuing organic growth.

·    Net bank funds at 31 October 2023 were £3.7m (30 June 2023: Net bank
debt of £3.3m).

Aleen Gulvanessian, Chair of Macfarlane Group, said:

"In challenging conditions, the performance of the Group this year has
demonstrated the resilience of our business model and the benefit of effective
management actions.  The Board does not expect trading conditions to
substantially improve in the near term and the management team will continue
to execute actions to maintain the Group's progress."

* Adjusted profit before tax is profit before tax, amortisation and deferred
contingent consideration adjustments.

 

 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:

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 supplying to a wide range of
sectors, including: retail e-commerce; consumer goods; food; logistics; mail
order; electronics; defence; medical; automotive; and aerospace.

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