Macfarlane expects to be in line with forecast
Packaging company Macfarlane expects its results for 2022 to be ahead of last year and in line with its full year expectations.
In a trading update it sales revenue year to date is 11% ahead of the same period last year, with weaker volumes being offset through the effective management of input price increases.
Strategic progress is being made in Europe following the acquisition of PackMann and the continuing rollout of its “Follow the Customer” programme.
Action is being taken to improve productivity and streamline operating footprint. Net bank debt at 31 October 2022 has been reduced to 5m (30 June 2022: £9.7m).
Aleen Gulvanessian, chair, said: “Given the well-publicised adverse market conditions we are pleased with the performance of the group so far in 2022 and confident in meeting our profit expectations for the year.
“Whilst challenges will continue to persist, with the experience of our management team, resilience of our business model and strong acquisition pipeline, we are well placed to maintain the group’s positive progress.”