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.