Macfarlane Group PLC (“the Group”) today provides an update on trading for the period to 31 October 2021.
- The Group’s performance since the first half has been robust in the face of continuing challenging market conditions. The Board now expects the Group will exceed its previous expectations for the full year.
- Sales revenue has grown by 25% in the year to date and Group profit before tax is well ahead of the corresponding period in 2020.
- Both acquisitions made in 2021 are performing well.
- We expect the remainder of 2021 to remain challenging with input price inflation, supply constraints on certain raw materials and increased operating costs due to staffing pressures. Some customers are also experiencing supply chain issues which are affecting their demand for packaging. However, the Group’s management team remains focussed on effectively managing these challenges.
- Net bank debt at 31 October 2021 reduced to £2.0m (30 June 2021: £8.7m).
Stuart Paterson, Chairman of Macfarlane Group, said:
“The Macfarlane Group performance has been robust in demanding market conditions and is testament to the strength of our business model and the diligence of our people. At the interim results we indicated that we expected headwinds in the second half of 2021, so it is particularly pleasing to be once again raising our expectations for the full year.”
Read the full press release here.
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