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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Interim Results
Macfarlane Group PLC
23 August 2000

     MACFARLANE GROUP DELIVERS DOUBLE DIGIT EARNINGS GROWTH
                                
                 CONFIDENT OF CONTINUED PROGRESS
                                
   Pre-tax profit increases by 10.4% from £6.0 million to £6.7
                     million before disposal
                                
Profit on disposal of £0.5m from sale of remaining business under
                        strategic review
                                
               Interim dividend increased to 1.60p
                                
    Earnings per share up 10.2% to 3.67p, excluding profit on
                            disposal
                                
Cash generated of £1.3m and interest cover remains at over twenty
                              times
                                
     Further acquisitions in Plastics' and Labels' Divisions
                         ==============
                                
John Ward, Chairman of Macfarlane Group PLC today said:

'The  results for the first six months of 2000 are in  line  with
our  objective to achieve double-digit earnings growth. A  number
of   our  businesses  are  showing  strong  top-line  growth   in
competitive  markets  and this is being  supported  by  carefully
targeted  incremental acquisitions which enhance  our  capability
and reduce capital expenditure requirements.

The  benefits from the restructuring and rebranding programme are
now  evident and underpin our aspirations to achieve top-line and
bottom-line  growth.  We now have four Divisions  each  achieving
upper  quartile performance in their individual sectors and  with
strong  management  teams seeking to improve  performance  levels
still further and driving their businesses forward.

Our  executive  team has already delivered on a number  of  tough
commitments set by the Board and demonstrated its ability to meet
new challenges and achieve improved earnings growth.  We continue
to investigate innovative ways to serve customers better and both
our  telesales  and  our e-commerce initiatives  are  progressing
well.   The development of our strategic planning process  is  on
track  and  the  Board  intends to develop strategic  options  in
support of our objectives to deliver shareholder value.'

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 787878
Ann-marie Wilkinson      Beattie Media            020 7930 0453

Macfarlane  Group PLC announces its interim results for  the  six
months ended 30 June 2000.

Financial Headlines
The  profit  before tax for the six months ended  30  June  2000,
prior to the gain of £0.5 million recorded on the disposal of Flo-
pak  (UK)  Limited, increased from £6.0m to £6.7m.  Earnings  per
share  before disposals were 3.67p compared with 3.33p for  1999.
Turnover in the period increased from £91.3m to £98.2m, with good
increases in turnover achieved in most Divisions.

The  Directors  have declared an interim dividend  of  1.60p,  an
increase on the 1.58p declared last year.  The dividend  will  be
paid  on  Thursday  5 October 2000 to those shareholders  on  the
register on Monday 4 September 2000.

Trading performance         Six months ended    Six months ended
                                30 June 2000        30 June 1999
                                   Operating           Operating
                              Sales    Profit     Sales   Profit
                                                         /(loss)
                               £000      £000      £000     £000
Merchanting                  28,030     1,634    24,754    1,528
Packaging                    31,052     1,633    26,708    1,189
Plastics                     31,857     2,702    26,859    2,735
Labels                        7,044     1,004     8,212    1,638
Under strategic review          191        17     4,758     (658)
                             98,174     6,990    91,291    6,432
                                                     
Trading Activities
The  performances  achieved  in Merchanting  and  Packaging  were
particularly  encouraging whilst the Plastics Division  responded
well to tough trading conditions.  Following the renegotiation of
a  number of long-term contracts at reduced margins in the  final
quarter  of 1999, our Labels Division recently took advantage  of
two opportunities to conclude acquisitions, which will secure new
technology   and  stimulate  top-line  growth  with   major   new
customers.   All  our  teams responded well to  the  pressure  on
margins  evident  in  a competitive market  and  have  maintained
strict  control  of  overheads to produce  double-digit  earnings
growth in the first half of 2000.

Merchanting

Trading  in  our  Merchanting Division remains strong  with  good
sales  growth  despite competition in the market  place.  In  the
first  half of 2000, the Division signed agreements with a  small
number of premium brand partners to distribute their products  in
the  UK  on  an  exclusive  or  preferred  basis.  Other  similar
agreements  are  being  considered and the  product  offering  to
customers is being expanded.

The  management team in the Division is reviewing all aspects  of
the  cost to serve model to ensure that the best possible service
is  provided to customers with the most appropriate cost base. E-
commerce  initiatives are being pursued to  develop  a  customer-
focused  solution  to  provide the range  of  products  required,
whilst  at  the same time ensuring that a more general e-commerce
solution   is  also  made  available  for  customers  with   less
specialist requirements.

Macfarlane Merchanting Limited aims to build on its long-standing
reputation  for customer service in the nation-wide  distribution
of  packaging materials, whilst maximising profitability from its
UK-wide  branch network. The high levels of service  achieved  in
this  Division  and  clear expertise in distribution  and  supply
chain logistics are vital to the Group's future development.

Packaging
Our  Packaging  Division  has made a  good  start  in  2000  with
efficiency improvements and continued strong demand from new  and
existing  customers  in  the electronics  and  telecoms  sectors.
Despite continuing raw material price pressures in the first half
of  2000,  margins are being maintained. Our American  subsidiary
Macfarlane Western Foam continues to trade well.

The  management  team  has completed the restructuring  programme
within  the  cost  levels  previously  outlined.   The  programme
resulted  in  the  closure of the premises at  Brackley  and  the
transfer of selected business to other locations in the Division.
Our  Packaging Division will now concentrate on providing bespoke
packaging  solutions  to meet customers' requirements  and  as  a
result   no   longer   manufactures  commodity-based   corrugated
packaging.

Recent  developments  have included the  opening  of  a  unit  in
Hungary,  working closely with a range of top-name suppliers,  to
service  one of our major customers.  This is an effective,  low-
risk  method of expanding alongside major customers overseas  and
this  business  model  may well be used in other  countries  with
major  customers.  In the UK, two significant new  customers  are
pilot-testing schemes with our Division to manage their packaging
requirements.  Macfarlane Packaging Limited is  building  on  its
existing  expertise  to become a full-service packaging  provider
for  large  businesses  liaising closely with  customers'  supply
chains to manage their requirements efficiently and effectively.

Plastics
The well-documented hardening of raw material prices continued to
be a feature and despite particularly tough trading conditions in
the  first  two  months,  the Division  has  responded  well  and
achieved the upper quartile levels of profitability that we would
expect from its strong and experienced management team.

All  the  previously  self-standing subsidiaries  are  now  fully
integrated  under  the Macfarlane Plastics Limited  name.   There
remains  strong  competition for business in 2000,  reflecting  a
trading environment with high material costs and overcapacity  in
the  market  and  whilst this had an impact on  profitability  in
January  and  February, the Division recovered  strongly  in  the
second quarter and is well placed to reap further benefits.

The  Division acquired Marpak Limited, a profitable extruder  and
converter  based in Leeds, and Monospec Limited an  extruder  and
printer based in Wrexham, for an aggregate cash consideration  of
£2.6m  in  the  second quarter of 2000.  These  acquisitions  are
consistent with our strategy of bolt-on acquisitions in place  of
capital  expenditure  to  expand the  product  portfolio  in  the
Division  with  new products, which will achieve good  levels  of
profitability.

Our management team has consistently bought good quality existing
capacity  and integrated it quickly into the Division,  achieving
overhead savings and leveraging benefits through scale.   Further
opportunities  are  being  sought to  increase  the  product  and
service offering to customers.

Labels
As previously indicated, our Labels Division is trading below the
levels  of  profitability achieved in 1999 but  at  levels  still
representing  upper  quartile  performance  for  the  UK   labels
industry,  reflecting  the renegotiation of  long-term  contracts
with  major  customers  at  reduced  margins.  Macfarlane  Labels
Limited  provides quality self-adhesive labels to major customers
in   the   UK   particularly  in  the  beauty-care,   healthcare,
pharmaceutical and food industries.

In July 2000 the Division acquired Reseal-It Sweden AB, a Swedish
company  owning intellectual property for resealable  labels  and
related  machinery and Abbot Labels Limited, a top quality  label
printer  based  in  Ireland specialising in  the  manufacture  of
Reseal-It's resealable labels for the food industry. The combined
consideration  for  both acquisitions was  £5  million  and  will
maintain   the   Division's  position   at   the   forefront   of
technological  applications for label-based solutions  for  major
customers  with branded products, thereby providing a solid  base
for future growth.

Completion of initial strategic review
The initial strategic review of Macfarlane Group's operations  by
the  Chief Executive, Iain Duffin is now complete. Iain  and  the
management team have successfully changed the focus of the  Group
by  selling  non-core  activities, restructuring  to  reduce  the
overhead base and rebranding under the Macfarlane Group name.

The  four  operating  divisions are trading  well  following  the
restructuring of the company announced last year.   The  cost  of
the  restructuring programme is in line with the £4.9m  indicated
in  December 1999 and the resultant benefits will be realised, as
anticipated,  in 2000 and beyond.  Both companies highlighted  as
under strategic review in September 1999, Daniel Montgomery & Son
Limited and Flo-pak (UK) Limited, have now been sold.

Flo-pak  (UK)  Limited  was  sold  on  11  February  2000  for  a
consideration  of £3.6m net of expenses of sale.   The  purchaser
assumed  debt of £0.5m on acquisition.  A profit on  disposal  of
£0.5m  has  been recorded in the results for 2000. The  operating
profit achieved by the company in 1999 was £0.4m on a turnover of
£3.3m.   For  the  period from 1 January  2000  to  the  date  of
disposal,  Flo-pak  contributed  turnover  of  £0.2  million  and
operating profits of £17k.

Finance
We  have  continued to invest where there are key needs  to  meet
future  growth  plans.  In the first six months of 2000,  capital
expenditure,   net  of  disposals,  amounted  to  £1.6   million,
reflecting  our objectives to pursue incremental acquisitions  as
an  alternative to significant capital expenditure as a means  of
combining  new  capacity to the Group with a ready-made  customer
base.

Following the acquisition of Marpak Limited and Monospec  Limited
in  the  second quarter of 2000, at a cash cost of  £2.6  million
with  inherited  borrowings  of £1.4 million,  net  debt  remains
modest  at  £9.0 million at the end of June 2000.  The effect  on
profits is a net interest charge of £0.3 million compared to £0.4
million  in the same period last year and interest cover at  over
twenty times remains very strong.

Dividend
The  Board  has declared an interim dividend of 1.60p  per  share
(1999  1.58p per share).  The directors will review the level  of
the final dividend in the light of the Group's continued progress
for the year as a whole.

Prospects
John  Ward  concluded: - 'It continues to  be  an  exciting  time
within  the  re-invigorated and expanding Macfarlane Group.   The
Board   draws  considerable  encouragement  from  the  range   of
packaging products and the manufacturing capability in Macfarlane
Group.   The  combination of quality manufacturing processes  and
merchanting is a key strength, which should enable the company to
continue to produce good top-line and earnings growth.   Our  key
objective  in reshaping Macfarlane Group is to produce a  Company
which has the capacity to provide shareholder value by delivering
double-digit earnings growth.

Your  Board remains confident for the future of Macfarlane  Group
and  expects to make further progress in the second half of 2000.
There  is a new and enthusiastic Executive Team in place and  our
restructuring programme has progressed well.  Sales  continue  to
grow  in  line with expectations in spite of cost and competitive
pressures.  In spite of the competitive trading conditions in the
year  to date the Board has not altered its expectations for  the
full year.

Our  Executive  Team has demonstrated its ability to  effectively
absorb incremental acquisitions into our existing activities,  as
a  means of supplementing organic growth and as an alternative to
capital expenditure.  The balance sheet and cash flow position of
the  Group  remains strong, allowing the Executive Team  to  make
further  investment to support plans for organic growth and  take
advantage of acquisition opportunities.

We  shall  not  shirk from tough decisions to deliver  additional
shareholder  value.  The reshaped Macfarlane Group  will  provide
leadership in selected markets through the innovative delivery of
total  packaging  solutions  to our customers.  Macfarlane  Group
intends  to  be  a  competitive player and an  attractive  profit
generator capable of delivering superior shareholder returns.'




Unaudited accounts will be sent to shareholders on 25 August 2000
and  will  be available to members of the public at the Company's
Registered  Office,  21 Newton Place, Glasgow,  G3  7PY  from  29
August 2000.
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 2000
                                
        Consolidated profit and loss account (unaudited)

                                  Six Months  Six Months       Year
                                    ended 30    ended 30   ended 31
                                        June        June   December
                                        2000        1999       1999
                                        £000        £000       £000
Turnover continuing activities        96,242      91,291    196,341     
          acquisitions                 1,932           -          -
                                            
Total turnover                        98,174      91,291    196,341
Cost of sales                         66,207      57,270    127,058
                                                      
Gross profit                          31,967      34,021     69,283
Net overheads  recurring             (24,977)    (27,589)   (54,347)
               restructuring               -           -     (4,917)
                                                      
Operating profit                       6,990       6,432     10,019
                                                       
Operating profit 
             continuing activities     6,802       6,432     10,019
                        acquisitions     188           -          -   
                                                      
                                       6,990       6,432     10,019
Gain/(loss) on disposal of business      500           -     (6,580)
                                                      
Profit before interest                 7,490       6,432      3,439
Interest receivable and similar income    17          18         62
Interest payable and similar charges    (340)       (414)      (883)          
                          
Profit on ordinary activities before
  taxation                             7,167       6,036      2,618
                                                       
Tax on profit on ordinary activities   2,160       1,810      3,016
                                                     
Profit/(loss) for the financial period 5,007       4,226       (398)
                                                       
Dividends on equity shares             2,029       2,004      5,809
                                                      
Retained profit/(loss) for the period  2,978       2,222     (6,207)
                                                 
                                                       
Earnings per ordinary share of 25p     3.95p       3.33p     (0.31p)
                                                       
Diluted earnings per ordinary share    3.95p       3.33p     (0.31p)
                                                       
Earnings per share before 
restructuring/disposals                3.67p       3.33p      7.48p
                                                       
Dividends per share                    1.60p       1.58p      4.58p
                                                       
Corporation tax rate                   30.2%       30.0%      32.8%
                                                      
1.Earnings  per share are calculated on the basis of the weighted
  average  of  126,828,240  shares  in  issue  (30  June  1999  -
  126,828,240, 31 December 1999 - 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
  126,828,240  shares. (30 June 1999 - 127,012,664,  31  December
  1999 - 126,828,240).

2.Taxation  has been provided at 30.2% for the six months  to  30
  June 2000, the expected tax rate for the full year.

3.The  figures  for year ended 31 December 1999 are derived  from
  the  published  accounts. A copy of the accounts  for  1999  on
  which  the  auditors  issued an unqualified  report,  has  been
  filed with the Registrar of Companies.

4.The  interim  financial  statements have  been  prepared  using
  accounting policies consistent with those adopted in  the  1999
  financial  statements.  No impact arises as  a  consequence  of
  the adoption of FRS 15 and FRS 16.

                      Macfarlane Group PLC
                                
                          30 June 2000
                                
             Consolidated balance sheet (unaudited)
                                
                                
                                         As at     As at  As at 31
                                       30 June   30 June  December
                                          2000      1999      1999
                                          £000      £000      £000
Fixed assets                                               
Intangible assets                        7,056     1,670     5,542
Tangible assets                         58,542    71,517    61,615
                                                          
                                        65,598    73,187    67,157
                                                          
Current assets                                             
Stocks                                  12,296    12,689    11,670
Debtors                                 47,611    42,336    45,094
Cash at bank and in hand                 3,059     1,752     1,674
                                                          
                                        62,966    56,777    58,438
                                                           
Creditors: amounts falling due within
one year                                55,248    50,720    55,518            
                                             
Net current assets                       7,718     6,057     2,920      
                                                          
Total assets less current liabilities   73,316    79,244    70,077
                                                           
Creditors: amounts falling due after
more than one year                         645       153        95
                                                           
Provisions for liabilities and charges   2,272     2,807     2,295
                                                          
Total net assets                        70,399    76,284    67,687
                                                           
Operating assets by division                               
Merchanting                             18,485    19,527    19,036
Packaging                               29,924    29,026    30,403
Plastics                                27,465    19,571    20,951
Labels                                   3,534     4,638     3,580
Strategic review                             -    15,555     3,383
                                                           
Operating assets                        79,408    88,317    77,353
Net debt                                (9,009)  (12,033)   (9,666)
                                                           
Net assets                              70,399    76,284    67,687
                                                         
                                
                      Macfarlane Group PLC
                  Six months ended 30 June 2000
          Consolidated cash flow statement (unaudited)
                                                 Six       Six     Year
                                              Months    months    ended
                                            ended 30  ended 30       31       
                                                June      June December
                                                2000      1999     1999
                                                £000      £000     £000
                                                            
Net cash flow from operating activities        7,799     6,590   19,147
(see note 1 below)
                                                            
Cash outflow from returns on investments and
servicing finance                               (315)     (449)    (819)
                                                            
Tax paid                                      (1,523)     (566)  (4,469)
                                                            
Cash outflow from capital expenditure and
financial investment                          (1,577)     (537)    (980)
                                                           
Net cash inflow/(outflow) from acquisitions 
and disposals                                  1,031    (1,732)  (4,564)
                                                            
Equity dividends paid                         (3,805)   (3,741)  (5,745)
                                                           
Net cash inflow/(outflow) before liquid
resources and financing                        1,610      (435)   2,570
                                                            
Management of liquid resources                     -         -        -
                                                            
Net cash outflow from financing                 (266)     (491)    (930)
                                                           
Increase/(decrease) in cash in the period 
(see note 2 below)                             1,344      (926)   1,640
                                                           
Notes:
1. Reconciliation of operating profit to net     2000     1999      1999
cash flow from operating activities              £000     £000      £000
                                                            
Operating profit                                 6,990   6,432    14,936
Restructuring costs                                  -       -    (4,917)
Depreciation                                     3,467   4,362     8,336
Amortisation of intangible assets                  179      40       145
Gain on disposal of assets                        (487)    (62)     (146)
(Increase)/decrease in stocks                     (357)    271       447
(Increase)/decrease in debtors                  (2,128)    251    (2,578)
Increase/(decrease) in creditors                   135  (4,704)    2,924
                                                           
Net cash inflow from operating activities        7,799   6,590    19,147
                                                           
2. Reconciliation of movement in net debt                            
                                                            
Increase/(decrease) in cash in the period        1,344    (926)    1,640
Cash inflow from decrease in debt and lease 
financing                                          266     491       930
Cash outflow from decrease in liquid resources       -       -         -
                                                         
                                                 1,610    (435)    2,570
Net debt acquired on acquisitions               (1,437)   (182)     (199)
Net debt divested on disposals                     484       -         -
New finance leases and loan notes                    -       -      (621)
                                                           
Movement in net debt in the period                 657    (617)    1,750
Opening net debt                                (9,666)(11,416)  (11,416)
                                                          
Closing net debt                                (9,009)(12,033)   (9,666)
                                                                              
                          
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 2000
                                
     Analysis of turnover and operating profits by division
                                
Six months ended 30 June 2000

                                                    Strategic
            Merchanting  Packaging  Plastics  Labels   review     2000
                   £000       £000      £000    £000     £000     £000        
                                                                             
Turnover         28,030     31,052    29,925   7,044      191   96,242
Acquisitions          -          -     1,932       -        -    1,932
                                                                
                 28,030     31,052    31,857   7,044      191   98,174
Cost of sales    19,335     20,854    21,777   4,228       13   66,207
                                                                
Gross profit      8,695     10,198    10,080   2,816      178   31,967
Net overheads     7,061      8,565     7,378   1,812      161   24,977
                                                                
Operating profit  1,634      1,633     2,702   1,004       17    6,990
                                                            
Net interest         93       (221)     (271)     76        -     (323)
Gain on disposal      -          -         -       -      500      500
                                                                
Profit before tax 1,727      1,412     2,431   1,080      517    7,167
                                                            
                                                                     
Six months ended 30 June 1999
 
                                                    Strategic
            Merchanting  Packaging  Plastics  Labels   review      1999
                   £000       £000      £000    £000     £000      £000       
                                                                      
Turnover         24,754     26,708    26,859   8,212    4,758    91,291
Cost of sales    16,682     17,939    16,423   4,573    1,653    57,270
                                                                
Gross profit      8,072      8,769    10,436   3,639    3,105    34,021
Net overheads     6,544      7,580     7,701   2,001    3,763    27,589
                                                    
Operating 
profit/(loss)     1,528      1,189     2,735   1,638     (658)    6,432       
                                                           
Net interest          8       (183)     (206)     59      (74)     (396)
                                                                
Profit before tax 1,536      1,006     2,529   1,697     (732)    6,036
                                                                              
                                                     
Year ended 31 December 1999 
                                                    Strategic
            Merchanting  Packaging  Plastics  Labels   review      1999
                   £000       £000      £000    £000     £000      £000       
          
                                                                     
Turnover         51,653     57,587    58,681  17,084   11,336   196,341
Cost of sales    34,970     38,967    38,908   9,258    4,955   127,058
                                                               
Gross profit     16,683     18,620    19,773   7,826    6,381    69,283
Net overheads    13,019     15,319    14,610   4,204    7,195    54,347
                                                              
                  3,664      3,301     5,163   3,622     (814)   14,936
Restructuring 
costs               718      3,799       400       -        -     4,917
                                                               
Operating 
profit/(loss)     2,946       (498)    4,763   3,622     (814)   10,019

Net interest         25       (382)     (428)    119     (155)     (821)
Loss on disposal      -          -         -       -   (6,580)   (6,580)
                                                              
Profit before tax 2,971       (880)    4,335   3,741   (7,549)    2,618

                                                                 
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 2000
                                
      Segmental information on operating assets by division
                                
30 June 2000
                                                                      
                                                                      
             Merchanting  Packaging   Plastics   Labels           2000
                    £000       £000      £000      £000           £000
                                                                      
Fixed assets      12,115     26,719     22,851    3,913         65,598
                                                               
                                                                      
Stocks             3,325      3,208      4,717    1,046         12,296
Debtors           12,187     13,821     18,731    2,872         47,611
                                                               
Current assets    15,512     17,029     23,448    3,918         59,907
Creditors          9,084     13,029     17,842    3,870         43,825
                                                               
Net current  
assets             6,428      4,000      5,606       48         16,082
                                                               
Total assets                                                          
less current 
liabilities       18,543     30,719     28,457    3,961          81,680  
                                                                      
Deferred taxation     58        795        992      427           2,272
                                                               
Operating 
assets            18,485     29,924     27,465    3,534          79,408
                                                                      
Netfunds/(debt)    2,699     (4,729)    (9,806)   2,827          (9,009)
                                                                
Total net assets  21,184     25,195     17,659    6,361          70,399
                                                                

30 June 1999
                                                    Strategic
            Merchanting  Packaging  Plastics  Labels   review      1999
                   £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 assets   13,736     16,234    16,033    4,442   4,580    55,025
Creditors         7,740      9,998    13,694    3,911   1,745    37,088
                                                                  
Net current
assets            5,996      6,236     2,339      531   2,835    17,937
                                                                  
Total assets                                                         
less current   
liabilities      19,648     29,880    20,620    5,122  15,854    91,124 
                                                                      
Deferred         
taxation            121        854     1,049      484     299     2,807
                                                                  
Operating 
assets           19,527     29,026    19,571    4,638  15,555    88,317
                                                                      
Net funds/(debt)    108     (6,875)   (4,051)   1,620  (2,835) (12,033)
                                                                  
Total net assets 19,635     22,151    15,520    6,258  12,720   76,284

                                                                  
                      Macfarlane Group PLC
                                
                  Six months ended 30 June 2000
                                
      Segmental information on operating assets by division
                                
31 December 1999

                                                     Strategic
            Merchanting  Packaging  Plastics  Labels    review      1999
                   £000       £000      £000    £000      £000      £000 
                                                                      
Fixed assets     12,417     27,402   20,033     4,098    3,207    67,157
                                                                 
                                                                      
Stocks            3,506      2,994    3,750     1,120      300    11,670
Debtors          12,798     13,203   14,865     3,523      705    45,094
                                                                 
Current assets   16,304     16,197   18,615     4,643    1,005    56,764
Creditors         9,625     12,401   16,708     4,734      805    44,273
                                                                 
Net currents
assets            6,679      3,796    1,907       (91)     200    12,491
                                                                 
Total assets                                                         
less current   
liabilities      19,096     31,198   21,940     4,007    3,407    79,648
                                                                      
Deferred taxation    60        795      989       427       24     2,295
                                                            
Operating  
assets           19,036     30,403   20,951     3,580    3,383    77,353
                                                                      
Net funds/(debt)  1,327     (7,178)  (6,107)    2,036      256    (9,666)
                                                                  
Total net 
assets           20,363     23,225   14,844     5,616    3,639    67,687


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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