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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

AGM Statement
RNS Number : 9393Y
Macfarlane Group PLC
14 May 2019
 

 

14 May 2019

ANNUAL GENERAL MEETING STATEMENT

Macfarlane Group PLC ("Macfarlane") today publishes its Annual General Meeting ("AGM") Statement covering 2019 to date.  At the AGM in Glasgow Stuart Paterson, Chairman of Macfarlane, will say: -

"Group profit for the year to date is ahead of that achieved in 2018 and, recognising the usual seasonal uplift in the second half of the year, the Board is confident that Macfarlane will perform in line with its expectations for 2019.

Sales have grown by 7% compared to the same period in 2018.  Our Packaging Distribution business has grown sales by 6% compared to 2018.  This comprises 3% organic sales growth and 3% sales growth attributable to the two acquisitions in 2018, which continue to perform well.  Sales in our Manufacturing Operations are 15% above the equivalent period in 2018.

A key component of our strategy is the acquisition of good-quality packaging distribution businesses.  At the end of April, we were pleased to complete the acquisition of Ecopac (UK) Limited, a packaging distributor based near Aylesbury with annual sales of £6.0m.

Prior to completing the acquisition referred to above, net debt had reduced from the 31 December 2018 level.  The Group's committed bank facilities of £30m remain available until June 2022 and the Group continues to operate well within these facilities.

2019 has started positively and we shall maintain our focus on growing organically in our target markets, supplemented by the acquisition of good quality packaging businesses.  We are confident that 2019 will be another year of good progress for Macfarlane Group."

 

Further enquiries:

Macfarlane Group

Tel: 0141 333 9666


Stuart Paterson                                Chairman



Peter Atkinson                 Chief Executive



John Love                            Finance Director


 

Spreng Thomson

Tel: 0141 548 5191


Callum Spreng

Mob: 07803 970103

Legal Entity Identifier (LEI):  213800LVRYDERSJAAZ73

Notes to Editors:

·      Macfarlane Group PLC is listed on the London Stock Exchange (LSE: MACF) in the Industrials Sector

·      The company is headquartered in Glasgow, Scotland and has more than 70 years' experience in the UK packaging industry

·      Macfarlane Group's businesses are:

Macfarlane Packaging is the leading UK distributor of a comprehensive range of protective packaging products

Macfarlane Labels designs and prints high quality self-adhesive and resealable labels, principally for FMCG companies

Macfarlane Packaging Design and Manufacture designs and produces protective packaging for high value, fragile products

·      Macfarlane employs over 925 people at 30 sites, principally in the UK, but also in Ireland and Sweden

·      The company has 20,000+ customers in the UK, Europe and the USA providing 600,000+ lines to a wide range of industry sectors including: consumer goods; food manufacturing; logistics; internet retail; mail order; electronics; defence and aerospace


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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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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