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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Interim Rslts/Acquisition,etc
MACFARLANE GROUP PLC
7 September 1999

                                                                 
                   MACFARLANE GROUP CONFIDENT
               DESPITE VARIABLE TRADING CONDITIONS
                                
                           HIGHLIGHTS
                                
                  Board restructuring complete
                                
                  New Group Executive in place
                                
             Initial conclusions of strategic review

        Consolidation of 13 Companies into four Divisions
                                
   Fundamental strategic review to be completed by end of 1999
                                
                    Acquisition in California
                         ==============
            Interim profits in line with expectations
                                
     Pre-tax profit down 14% by £1.0 million to £6.0 million
                                
              Earnings per share down 14% to 3.33p
                                
             Group sales down 4.1% to £91.3 million
                                
                 Interim Dividend held at 1.58p
                                
                     Gearing remains modest
                                
John Ward, Chairman of Macfarlane Group PLC today said:

'The  results  for  the  first six months  reflect  the  variable
trading conditions noted in our trading statement at the start of
July.  The Board has been restructured and strengthened and  this
statement details the initial conclusions of Iain Duffin, our new
Group Chief Executive, since his appointment on 14 June 1999.

Our  key objective in the remainder of 1999 is to consolidate  13
subsidiaries into four focused business divisions.  The immediate
aims  are to increase operating efficiencies and reduce costs  to
enable  the reshaped Macfarlane Group to be a competitive  player
in  all  its  key  operating activities and an attractive  profit
generator,  capable  of delivering superior shareholder  returns.
An  interim  report will be given before the end of the  year  to
track our progress against these stated objectives.'

Further information:
John M. Ward,            Chairman            0141 333 9666
Iain  D. Duffin          Chief Executive     0141 333 9666
John Love                Finance Director    0141 333 9666

Press and Media:
Gordon Beattie           Beattie Media       01698 787 878
David  Rydell            Beattie Media       0171 930 0453

Macfarlane  Group PLC announces its interim results for  the  six
months ended 30 June 1999.

Financial Headlines
In  line  with our trading statement in July 1999, profit  before
taxation for the half year ended 30 June 1999 decreased from £7.0
million  to £6.0 million.  Sales in the period fell by 4.1%  from
£95.2  million to £91.3 million.  Earnings per share  were  3.33p
compared with 3.88p for the corresponding period last year.

The  Directors  have  declared  an  interim  dividend  of  1.58p,
unchanged from last year.

Strategic review
A  detailed  strategic review of all the group's  operations  has
commenced  following Iain Duffin's arrival in  June  1999.   This
review  continues but the initial conclusions are  to  reduce  13
companies  into  four  main divisions  as  set  out  below.   The
remaining  companies, Daniel Montgomery and Flo-pak are currently
the  subject of more detailed strategic reviews to maximise their
potential to the Group.   The reporting presentation at  30  June
1999 reflects these new combinations.

Merchanting   Packaging                      Plastics           Labels

Abbott's      Aston Packaging                Alport Plastics    N S Macfarlane
Packaging     Clansman Cases                 Clansman Films      
              Controlled Packaging Services  Dalewood Packaging
              A & W Fullarton                Orion Flexo         
              Mitchell Packaging             Saranne Packaging   
                                             Wicklow Custom Packaging

Key managers have been identified to lead the integration process
and  further senior appointments are imminent.  We are  reviewing
the reward structure for managers to maximise internal trading.

Merchanting
Abbott's  Packaging  continues to outperform its  competitors  in
driving  forward  the Group's packaging sales activities,  whilst
providing  a  secure distribution channel for a large  number  of
products   manufactured  elsewhere  in  the  Group.    The   main
development  of  Abbott's activity in recent years  has  been  to
pursue the addition of new branches to the network. As the branch
network   has  become  more  comprehensive  in  its  geographical
coverage, now 23 locations, so the effectiveness of this strategy
has  gradually  diminished. This strategy is now being  carefully
reviewed  to  determine the best method of building  on  Abbott's
clear  competence for the nation-wide distribution  of  packaging
materials,  allowing the branches to focus on  customer  service,
whilst  at the same time maximising profitability from the branch
network.

Packaging
Two  of the companies previously in our Ventures Division,  Aston
Packaging and A & W Fullarton, have now been integrated into  the
Packaging  Division.   All five companies in  the  Division  will
integrate  to  form  one corporate entity from  1  January  2000,
reducing   costs,  increasing  efficiencies  and   providing   an
increased  focus.   There  will  be restructuring  undertaken  to
achieve the benefits of the integration and whilst costs will  be
incurred, the exercise will be carried out in conjunction with  a
thorough  review  of  the Division's existing property  portfolio
with the intention of reducing the number of sites and mitigating
costs.

Plastics
The  Plastics  Division (formerly Industrial Film) has  performed
extremely  well  in  the  first half  of  1999.   Wicklow  Custom
Packaging,  the plastic injection moulding specialists,  has  now
been  integrated  into the division due to  its  common  customer
approach and processes with the other companies in the Division.

Following the purchase of Orion Flexo in February 1999, plans are
well  advanced  to combine the six companies into  one  corporate
entity  from  1  January 2000.  The process of  integration  will
deliver  efficiency  benefits  with  the  required  costs   being
incurred   prior   to   31  December  1999.   Further   strategic
acquisitions are being sought to enhance the product portfolio in
the Division.

Labels
Our  Labels Division solely comprises N S Macfarlane.  It remains
our  intention  to develop the Division by a mixture  of  organic
growth  and  selected  acquisitions to  build  on  the  excellent
results  achieved  in  the  year to  date  at  our  high  quality
operation in Kilmarnock.

Activities under strategic review
For some time Daniel Montgomery has suffered from weak demand  in
its  two  main  markets and a lack of focus.  However  since  the
start  of  1999 customer confidence has been rebuilt.  A detailed
review  is now in progress in conjunction with the management  of
Wicklow Custom Packaging.  The initial conclusions will result in
the manufacture of selected household products being consolidated
into  Wicklow. A phased implementation plan is being prepared  to
effect  this  transfer  in a measured and  orderly  manner.   The
reshaped  Montgomery will now focus solely on its key competence,
the  manufacture of closures for the spirits industry,  with  its
strengthened management team.

A  far-reaching  review  is now taking  place  to  evaluate  this
operation  and  to  determine the steps necessary  to  reset  the
overhead  base  of  the  company to one more  in  line  with  the
existing  levels  of  operations and provide the  opportunity  to
return  the  company to profitable trading. The results  of  this
review will be reported, as they become available.

Flo-pak has successfully manufactured expanded polystyrene loose-
fill  for  many  years.  As a means of diversifying  its  product
range,  the  company  successfully developed the  Ultrawood  wood
substitute  product from the same recycled polystyrene  materials
from  which  the Flo-pak product is manufactured.  The  Ultrawood
product  continues  to  show  potential,  however  in  developing
relationships  with strategic partners in the USA it  has  become
apparent  that  further substantial strategic  partners  will  be
required  to  direct  the  product to the  most  appropriate  end
markets and this process is currently underway.

Summary
The  Board  draws considerable encouragement from  the  range  of
packaging products and the manufacturing capability in Macfarlane
Group.   The  combination of high quality manufacturing  and  the
merchanting  activity  is  a  key  strength  and  with  selective
restructuring should enable the company to produce good top  line
and  bottom  line  growth.  However,  there  remain  considerable
challenges ahead to reduce the number of operating companies as a
first  step  towards  reducing costs and improving  efficiencies.
Whilst  this exercise will clearly involve costs, which have  not
yet been quantified, there remain obvious benefits which will  be
achieved  from  removing duplicated activities and  reducing  the
number  of  trading sites. Further benefits will be  realised  by
rationalising  each division's sales force to produce  a  unified
customer  approach  and take advantage of the  opportunities  for
increased   inter-company  trading.   A  comprehensive   property
portfolio review has commenced to eliminate unnecessary or under-
utilised sites.

Our core Divisions have already acknowledged the need to meet our
customer's  requirements for growth abroad.   A  number  of  them
already  have  links  in  Europe and  other  continents  to  more
effectively service our global customers. I am delighted that  we
have  now  concluded  the  purchase  of  Western  Foam  Packaging
Products  in  Hayward, California as the first step in  extending
our  global manufacturing network by acquisition.  This is likely
to  be  the  first  of  a  select number of  strategically  sited
locations  to  help  us  meet  our objectives  worldwide.   These
overseas  acquisitions will be carefully considered and  financed
from our existing resources.

The  strategic  review, the objective of  which  is  to  generate
additional  shareholder value, is not yet complete.   The  review
will  encompass  potential  divestment  as  well  as  acquisition
strategy.

Acquisition
The  Group today confirmed the acquisition Western Foam Packaging
Products  in Hayward, California for £5.1 million ($8.1 million),
£4.5  million payable in cash the remainder in year  loan  notes.
Western  Foam  is  a family-controlled firm, which  has  been  in
existence for three years.  The company converts foam blocks into
cushioned packaging fitments and manufactures Corrupad, employing
87  staff.  The most recent annual accounts disclose turnover  of
£7.5  million and operating profits of £1.1 million.  Net  assets
acquired will amount to £1.9 million.

Western  Foam  will  join  the Packaging Division  of  Macfarlane
Group,  which consists of five operations throughout  the  United
Kingdom.  The acquisition is in line with the group's strategy to
service global customers by providing a local manufacturing  base
from   which  to  service  their  requirements  for  the  group's
proprietary products.

Trading performance          Six months ended   Six months ended
                                 30 June 1999       30 June 1998
                                    Operating          Operating
                                                            
                              Sales   Profit/     Sales   Profit
                                       (loss)
                               £000      £000      £000     £000
Merchanting                  24,754     1,528    23,024    1,562
Packaging                    26,708     1,189    27,692    2,633
Plastics                     26,859     2,735    28,137    1,935
Labels                        8,212     1,638     7,757    1,404
Under strategic review        4,758     (658)     8,577       88
                             -----------------------------------  
                             91,291     6,432    95,187    7,622
                             -----------------------------------     
Trading Activities
In  the  first six months of 1999, the Group experienced variable
trading  conditions and continuing uncertainties in the packaging
sector  and the economy generally, which impacted on the results.
The performances achieved in Plastics and Labels are particularly
encouraging.  However, major reviews are in progress  to  improve
the disappointing performance in certain other areas.

Merchanting
Trading  in the Division has remained strong, despite significant
competition   to   the  most  recently  opened   branches.    The
performance  in  the  first six months is marginally  below  that
achieved  in 1998.  As a result the management team is  reviewing
the  existing  branch network in an effort to  optimise  returns.
The  only  additional branch expected to be added to the  network
before  the  end  of  1999  is in Peterborough,  which  has  been
identified as a key geographical location to service a number  of
larger customers.

Packaging
A  number  of  our  packaging companies experienced  considerable
pricing  pressures  in  the  first half  of  1999,  although  the
specialist  manufacturers such as Controlled  Packaging  Services
and  Mitchell Packaging continued to perform well.  The inclusion
of  Aston  Packaging  and A & W Fullarton in  the  Division  will
enable  a  sharper focus to be brought to bear on the  consistent
management  of  all operational sites offering bespoke  packaging
solutions  to meet customers' requirements, as well  as  offering
significant    opportunities   to   improve   Group    purchasing
arrangements.

Plastics
Profits  in  the  first half of 1999 continued  the  improvements
achieved  in  the second half of 1998, achieving pre-tax  returns
well  in  excess  of our internal benchmark of 8%.   Benefits  of
improved  utilisation  and site rationalisation  remain  evident.
Despite falling raw material prices, sales volumes have increased
by  7%  and  further progress is expected in the second  half  of
1999,  despite  a hardening in raw material prices  now  evident.
From January 2000 the new corporate entity will be a major player
in its markets.

Labels
Our  Labels Division has performed well in the first half of 1999
despite  considerable pricing pressures.  The latest  technology,
combined with excellent production processes have helped  counter
these pressures and have placed the Division in a strong position
to further develop sales to new customers.

Activities under strategic review
The  results for Daniel Montgomery remain disappointing  but  the
company  is now being refocused on its core competence to provide
closures  for  the spirits industry.  Margins at  Flo-pak  remain
under  pressure  and opportunities are being sought  to  increase
capacity as well as to develop business in other areas.

Finance
We have continued to invest, albeit on a relatively modest basis,
where  there are key needs to meet future growth plans.   In  the
first  six months of 1999, net capital expenditure was restricted
to  £0.5million,  reflecting our objectives to  generate  returns
from  the  significant capital expenditure incurred  in  previous
years.

Following the acquisition of Orion Flexo in February 1999,  at  a
cash  cost of £1.6 million with inherited borrowings of £400,000,
net debt remains modest at £12.0 million at the end of June 1999.
The  effect  on  profits  is a net interest  charge  of  £396,000
compared  to  £584,000  in the same period last  year,  primarily
reflecting the impact of lower interest rates.

Dividend
The Board has declared an unchanged interim dividend at 1.58p.

Board and Management
Iain Duffin was appointed Chief Executive on 14 June 1999 and has
now  completed the initial steps of his strategy review.   On  12
July 1999 John Love was appointed Finance Director.

As  previously announced, Bill Mackie and Andrew Reekie left  the
service  of  the Group in June and July respectively  after  many
years service in the company.  Gordon Lane stepped down from  the
Board in August 1999 to pursue other interests.  Iain Duffin  has
assumed  his  responsibilities  for  acquisition  and  divestment
policy.  As announced last week Hamish Macfarlane will leave  the
Board in December 1999.

It   is  the  Board's  intention  to  significantly  enhance  the
management capability within the Group by making a number of  key
appointments to support the newly constituted Divisional teams in
fulfilling the challenging objectives set for them by the Board.

Year 2000
As outlined in our 1998 Annual Report and Accounts, the Group has
for  some  time been undertaking a programme to ensure  that  all
systems are Year 2000 compliant.  This programme was based on  an
earlier  assessment of the potential risks carried  out  by  each
subsidiary and the necessary work has been carried out to  modify
or  replace  affected  systems and  hardware.   Regular  progress
reports are received from each subsidiary, which confirm that the
process  is  now  nearing  completion and  the  majority  of  our
companies have tested their systems to ensure compliance.

Prospects
John  Ward  concluded :- This is undoubtedly a time  of  exciting
changes within Macfarlane Group.

The  Board fully supports Iain Duffin in his strategic review  of
operations  and  considers  the initial  appraisal  of  the  core
activities  to be sound.  The appraisal of activities subject  to
more  detailed strategic review will be completed by the  end  of
1999.  New management structures will be implemented between  now
and   January   2000.   This  process  will  have  initial   cost
implications primarily in the final quarter of 1999,  but  future
benefits will become evident from the beginning of January  2000.
We  shall  not  shirk from tough decisions to deliver  additional
shareholder  value  in Macfarlane Group. The reshaped  Macfarlane
Group  will provide total packaging solutions in its key markets.
It  will be a competitive player and will be an attractive profit
generator capable of delivering superior shareholder returns.

Unaudited  accounts will be sent to shareholders on 14  September
1999  and  will  be  available to members of the  public  at  the
Company's  Registered Office, 21 Newton Place,  Glasgow,  G3  7PY
from 16 September 1999.
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 1999
                                
        Consolidated profit and loss account (unaudited)
                                

                                       Six         Six          Year
                                    months      Months         ended
                                     ended    ended 30            31
                                   30 June        June      December
                                      1999        1998          1998
                                      £000        £000          £000
                                                       
Turnover                            91,291      95,187       192,143
Cost of sales                       57,270      60,823       122,841
                                    --------------------------------       
Gross profit                        34,021      34,364        69,302
Net overheads                       27,589      26,742        52,977
                                    --------------------------------        
Operating profit                     6,432       7,622        16,325
                                                       
Interest receivable and                 18          27            54
similar income    
Interest payable and                  (414)       (611)       (1,302)
similar charges                      --------------------------------
                                                      
Profit before taxation               6,036        7,038        15,077
                                                       
Tax on profit on ordinary            1,810        2,111         4,464
activities                           --------------------------------
                                                      
Profit for the financial             4,226        4,927        10,613
year
                                                       
Dividends on equity shares           2,004        2,004         5,745
                                     --------------------------------        
Retained profit for the              2,222        2,923         4,868
year                                 --------------------------------
                                                       
                                                     
Earnings per ordinary                 3.33p      3.88p         8.37p
share of 25p                          ------------------------------  
                                                       
Diluted earnings per                  3.33p      3.88p         8.36p
ordinary share                        ------------------------------
                                                      
Dividends per share                   1.58p      1.58p         4.53p
                                      ------------------------------         
Corporation tax rate                  30.0%      30.0%         29.6%
                                      ------------------------------          
                      

Notes:
1.  The  earnings  per share are calculated on the  basis  of  the            
    weighted average of 126,828,240 shares in issue (30 June  1998        
    - 126,828,240,  31 December 1998 - 126,828,240). Diluted earnings       
    per share are calculated on the weighted average on a diluted         
    basis in accordance with FRS 14 Earnings Per Share of 127,012,664       
    shares.  (30 June 1998 - 126,921,150, 31 December 1998- 127,006,301).     

2. Taxation  has  been provided at a rate of 30.0%  for  the  six
   months  ended 30 June 1999, which is the expected rate of  tax
   for the full year.

3. The  figures  for the year ended 31 December 1998 are  derived
   from  the published accounts. A copy of the full accounts  for
   1998, on which the auditors issued an unqualified report,  has
   been filed with the Registrar of Companies.
                     
                       Macfarlane Group PLC
                                
                          30 June 1999
                                
             Consolidated balance sheet (unaudited)
                                
                                
                                         As at     As at  As at 31
                                       30 June   30 June  December
                                          1999      1998      1998
                                          £000      £000      £000
Fixed assets                                               
Intangible assets                        1,670         -       963
Tangible assets                         71,517    71,667    73,342
                                        --------------------------
                                        73,187    71,667    74,305
                                        --------------------------            
Current assets                                             
Stocks                                 12,689     12,530    12,767
Debtors                                42,336     42,655    42,301
Cash at bank and in hand                1,752      1,115     1,610
                                       ---------------------------           
                                       56,777     56,300    56,678
                                                           
Creditors: amounts falling due within  50,720     53,436    53,761
one year                
                                        --------------------------          
Net current assets                      6,057      2,864     2,917
                                        --------------------------            
Total assets less current liabilities  79,244     74,531    77,222
                                                           
Creditors: amounts falling due after      153        295       119
more than one year
                                                           
Provisions for liabilities and charges  2,807      1,906     2,702
                                       ---------------------------           
Total net assets                       76,284     72,330    74,401
                                       ---------------------------           
Operating assets by division                               
Merchanting                            19,527     16,426    18,945
Packaging                              29,026     27,836    27,293
Plastics                               19,571     21,858    18,622
Labels                                  4,638      4,535     3,812
Under strategic review                 15,555     15,110    17,145
                                       ---------------------------           
Operating assets                       88,317     85,765    85,817
Net debt                              (12,033)   (13,435)  (11,416)
                                       ---------------------------           
Net assets                             76,284     72,330    74,401
                                       ---------------------------            
     
                                
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 1999
                                
          Consolidated cash flow statement (unaudited)
                                               Six        Six       Year
                                            Months     months      ended
                                             ended      ended         31
                                           30 June    30 June   December
                                              1999       1998       1998
                                              £000       £000       £000
                                                            
Net cash flow from operating activities      6,590      8,758     24,609
(see note 1 below)
                                                            
Cash outflow from returns on investments and  (449)      (580)    (1,252)
servicing finance
                                                            
Tax paid                                      (566)    (1,429)    (5,815)
                                                            
Cash outflow from capital expenditure and     (537)    (5,881)   (10,863)
financial investment                                      
                                                            
Net cash outflow from acquisitions and      (1,732)       -       (1,777)
disposals
                                                            
Equity dividends paid                       (3,741)    (3,741)    (5,745)
                                            -----------------------------     
         
Net cash outflow before liquid resources and  (435)    (2,873)      (843)
financing
                                                            
Management of liquid resources                   -          -          -
                                                            
Net cash outflow from financing               (491)      (736)    (1,066)
                                              ---------------------------     
Decrease in cash in the period                (926)    (3,609)    (1,909)
(see note 2 below)                            ---------------------------
                                                           
Notes:
1. Reconciliation of operating profit to net     1999    1998    1998
cash flow from operating activities              £000    £000    £000
                                                            
Operating profit                                6,432   7,622   16,325
Depreciation                                    4,362   4,450    9,073
Amortisation of intangible assets                  40      -        16
Gain on disposal of assets                        (62)   (282)  (1,074)
Decrease/(increase) in stocks                     271     (33)     (67)
Decrease in debtors                               251   1,428    2,459
Decrease in creditors                          (4,704) (4,427)  (2,123)
                                               ------------------------       
Net cash inflow from operating activities       6,590   8,758   24,609
                                               ------------------------       
2. Reconciliation of movement in net debt                            
                                                            
Decrease in cash in the period                   (926) (3,609)  (1,909)
Cash inflow from decrease in debt and lease       491     736    1,066
financing
Cash outflow from decrease in liquid                -       -        -
resources
                                                 ---------------------        
                                                 (435) (2,873)    (843)
Borrowings acquired with subsidiaries            (182)      -      (11)
New finance leases and loan notes                   -       -        -
                                             -------------------------       
Movement in net debt in the period               (617) (2,873)    (854)
Opening net debt                              (11,416)(10,562) (10,562)
                                             -------------------------
Closing net debt                              (12,033)(13,435) (11,416)
                                             -------------------------
                                                           
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 1999
                                
     Analysis of turnover and operating profits by division
                                
Six months ended 30 June 1999
                                                          Under          
           Merchanting Packaging   Plastics   Labels  strategic   1999
                                                         review
                 £000       £000      £000     £000     £000      £000
                                                                      
Turnover       24,754     26,708    26,859    8,212    4,758    91,291
Cost of        16,682     17,939    16,423    4,573    1,653    57,270
sales          -------------------------------------------------------
                                                                
Gross profit    8,072      8,769    10,436    3,639    3,105    34,021
Net             6,544      7,580     7,701    2,001    3,763    27,589
overheads      ------------------------------------------------------- 
                                                                
Operating       1,528      1,189    2,735     1,638    (658)     6,432
profit/(loss)
                                                                      
Net interest        8       (183)    (206)       59     (74)      (396)
               --------------------------------------------------------       
Profit          1,536      1,006     2,529    1,697    (732)     6,036
before tax     --------------------------------------------------------
                                                                
Six months ended 30 June 1998
                                                         Under          
           Merchanting  Packaging  Plastics  Labels  strategic    1998
                                                        review
                 £000       £000      £000     £000     £000      £000
                                                                      
Turnover       23,024     27,692    28,137    7,757    8,577    95,187
Cost of        15,486     17,940    19,346    4,429    3,622    60,823
sales          -------------------------------------------------------
                                                                
Gross profit    7,538      9,752     8,791    3,328    4,955    34,364
Net             5,976      7,119     6,856    1,924    4,867    26,742
overheads      -------------------------------------------------------
                                                                
Operating       1,562      2,633     1,935    1,404       88     7,622
profit
                                                                      
Net interest       36       (225)    (486)        7       84      (584)
                -------------------------------------------------------   
Profit          1,598      2,408     1,449    1,411      172     7,038
before tax      -------------------------------------------------------
                                                                
Year ended 31 December 1998
                                                         Under          
           Merchanting Packaging  Plastics    Labels strategic    1998
                                                        review
                 £000       £000      £000      £000    £000      £000
                                                                      
Turnover       47,996     56,842    56,072    15,977  15,256   192,143
Cost of        32,251     37,948    37,063     8,877   6,702   122,841
sales          -------------------------------------------------------
                                                                 
Gross profit   15,745     18,894    19,009     7,100   8,554    69,302
Net            12,113     13,985    13,957     3,631   9,291    52,977
overheads      -------------------------------------------------------
                                                                 
Operating       3,632      4,909     5,052     3,469   (737)    16,325
profit
                                                                      
Net interest       55      (479)     (868)        54    (10)    (1,248)
               -------------------------------------------------------        
Profit          3,687      4,430     4,184     3,523   (747)    15,077
before tax     -------------------------------------------------------
                                                                 
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 1999
                                
      Segmental information on operating assets by division
                                
30 June 1999
                                                         Under          
          Merchanting  Packaging  Plastics    Labels strategic    1999
                                                        review
                 £000       £000      £000      £000    £000      £000
                                                                      
Fixed assets   13,652     23,644    18,281     4,591  13,019    73,187
              --------------------------------------------------------  
                                                                      
Stocks          2,952      3,320     3,442     1,026   1,949    12,689
Debtors        10,784     12,914    12,591     3,416   2,631    42,336
               -------------------------------------------------------  
Current        13,736     16,234    16,033     4,442   4,580    55,025
assets
Creditors       7,740      9,998    13,694     3,911   1,745    37,088
                ------------------------------------------------------     
Net current     5,996      6,236     2,339       531   2,835    17,937
assets          ------------------------------------------------------ 
                                                                 
Total assets                                                          
less current   19,648     29,880    20,620     5,122  15,854    91,124
liabilities
                                                                      
Deferred          121        854     1,049       484     299     2,807
taxation        ------------------------------------------------------ 
                                                                 
Operating      19,527     29,026    19,571     4,638  15,555    88,317
assets
                                                                      
Net               108  (6,875)    (4,051)       1,620  (2,835) (12,033)
funds/(debt)    
               --------------------------------------------------------     
Total net      19,635     22,151    15,520     6,258  12,720    76,284
assets         --------------------------------------------------------
                                                                 
30 June 1998
                                                         Under          
           Merchanting  Packaging Plastics    Labels strategic    1998
                                                        review
                 £000       £000      £000      £000    £000      £000
                                                                      
Fixed assets   12,405     24,083    17,479     4,314  13,386    71,667
               -------------------------------------------------------        
                                                          
Stocks          2,686      2,790     3,654       950   2,450    12,530
Debtors         9,631     12,926    13,797     3,392   2,909    42,655
                ------------------------------------------------------ 
Current        12,317     15,716    17,451     4,342   5,359    55,185
assets
Creditors       8,175     11,233    12,541     3,706   3,526    39,181
                ------------------------------------------------------ 
Net current     4,142      4,483     4,910       636   1,833    16,004
assets          ------------------------------------------------------
                                                                 
Total assets                                                          
less current   16,547     28,566    22,389     4,950  15,219    87,671
liabilities
                                                                      
Deferred          121        730       531       415     109     1,906
taxation       -------------------------------------------------------
                                                                 
Operating      16,426     27,836    21,858     4,535  15,110    85,765
assets
                                                                      
Net               579     (4,725)   (9,522)      377    (144)  (13,435)
funds/(debt)   --------------------------------------------------------
Total net      17,005     23,111    12,336     4,912  14,966    72,330
assets         --------------------------------------------------------
                                                                 
                                
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 1999
                                
      Segmental information on operating assets by division
                                
31 December 1998

                                                          Under          
           Merchanting Packaging  Plastics    Labels  strategic   1998
                                                         review
                 £000       £000      £000      £000    £000      £000
                                                                      
Fixed assets   14,032     24,688    16,696     4,913  13,976    74,305
               -------------------------------------------------------    
                                                                      
Stocks          2,986      3,125     3,181     1,195   2,280    12,767
Debtors        10,552     12,843    11,887     3,628   3,391    42,301
               -------------------------------------------------------       
Current        13,538     15,968    15,068     4,823   5,671    55,068
assets
Creditors       8,504     12,509    12,198     5,440   2,203    40,854
               ------------------------------------------------------- 
Net current     5,034      3,459     2,870     (617)   3,468    14,214
assets         -------------------------------------------------------
                                                                 
Total assets                                                          
less current   19,066     28,147    19,566     4,296  17,444    88,519
liabilities
                                                                      
Deferred          121        854       944       484     299     2,702
taxation       -------------------------------------------------------
                                                                 
Operating      18,945     27,293    18,622     3,812  17,145    85,817
assets
                                                                      
Net               406     (4,975)   (5,502)    1,902  (3,247)  (11,416)
funds/(debt)   --------------------------------------------------------
Total net      19,351     22,318    13,120     5,714  13,898    74,401
assets        ---------------------------------------------------------
                                                                 

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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