Board change

Paterson departing as Macfarlane posts strong figures

Stuart Paterson
Stuart Paterson: stepping down

Macfarlane Group chairman Stuart Paterson will stand down this year once a new chairman has been identified and a smooth transition ensured.

Mr Paterson said he is entering his 10th year of service on the board and as such ceases to be seen as independent under the corporate governance code.

“I have therefore given the board notice of my intention to stand down this year once a new chair has been identified and a smooth transition ensured. Plans for my succession are well advanced.”

In a statement with annual results Mr Paterson said the group has performed strongly in the year ended 31 December with results well ahead of the previous year and better than market expectations.

Sales from continuing operations grew by 26% to £264.5m, operating profit at £20.1m and operating profit before amortisation at £23.4m, both from continuing operations, increased by 47% and 44% respectively.

Profit for the year of £12.6m increased £2.4m or 24% compared to 2020.

The board is proposing a final dividend of 2.33p per share (2020: 1.85p per share) which would take the total dividend for 2021 to 3.20p per share (2020: 2.55p per share) up 25% on 2020.

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