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Macfarlane up 5.4% as FTSE100 surges

Macfarlane shares
Macfarlane Group – click to enlarge (LSE)

Thur close: The yo-yo week continued with the FTSE100 rallying strongly today as prospects of early interest rate rises on both sides of the Atlantic receded.

The main index rose by 212.83 points in mid-afternoon trade, or 3.56% to 6,192.03, following strong gains overnight on Wall Street and in China.

Federal Reserve official William Dudley dampened the likelihood of a US rate rise because of the threat posed to the US economy by recent market upheavals.

Among companies reporting results, miners exposed to China were the biggest gainers with Anglo American, BHP Billiton and Antofagasta all up more than 9%.

Shares in the Glasgow packaging firm Macfarlane rose 2.5p or 5.43% to 48.5p after it reported a 52% rise in half-year pre-tax profits to £1.85 million on a 12% rise in turnover to £78.6m.

Graeme Bissett, chairman, said the figures represented “good progress with results in line with our statement at the AGM in May”.

He added sales and profits benefitted from good organic growth as well as the positive impact of our acquisitions last year, “underlining the value of a well-executed acquisition strategy”.

Mr Bissett added the company was continuing to grow it presence in the internet retail sector, where trading patterns of customers are more weighted towards the second half.

“We expect to see the typical seasonal uplift in the second six months of the year. Overall, the Board is confident that its full year expectations will be met,” he said.

The board declared a 6% increase in the interim dividend to 0.53p (2014: 0.5p) to be paid on 15 October.


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