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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

AGM Statement
Macfarlane Group PLC
11 May 2004


At the Annual General Meeting of Macfarlane Group PLC to be held today, the
Chairman, Archie Hunter will make the following comments:-


Trading update

We indicated in March that we expected to see a significant reduction in trading
losses in 2004 and that trading operations would be cash positive for the year.

In the distribution business customer service levels are good, we are beginning
to gain new customers, showing year on year sales growth and all this is being
achieved with a lower cost base.

We have set milestones at which we will monitor our progress and I can advise
that in 2004 to date, we are meeting expectations in relation to trading
performance and cash generation.


Corporate Governance

Our annual report disclosed that the new chief executive's initial remuneration
package included a service contract with a notice period of two years in the
event of a change of control of the group. Having now obtained a more
comprehensive understanding of the group's business and future prospects, and
recognising the principles of best governance, Peter Atkinson has agreed to
reduce the notice period of his contract to one year with immediate effect.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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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