Macfarlane Group PLC provides trading update and changes to its board

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MACFARLANE GROUP PLC has today announced a healthy trading report that has given their board confidence for the future.

The company also announces Group Finance Director John Love has chosen to retire and will be succeeded by  Ivor Gray.

The trading report, trading for the period from 30 June 2020 to 31 October 2020 has shown that sales revenue 4 months to October 2020 was better than expected and has grown by 4% compared to last year.

The company has recovered strongly from Q2 when sales decreased by 5.2% due to the Covid-19 lockdown.

The net debt position at the 31 October 2020 was £0.8m which is in line with the debt at 30 June 2020.

In the 4 months to the 31 October 2020 the cash generation in the business has fully funded the repayment of £5.4m from the various government support and tax deferral programmes, payment of the maximum earn out of £0.8m from the 2019 acquisition of Ecopac and payment of the interim dividend of £1.1m.

The Group continues to report strong cash generation and is operating within its existing bank facility of £30.0m.

Stuart Paterson, Chairman of Macfarlane Group - Business News Scotland
Stuart Paterson, Chairman of Macfarlane Group

Stuart Paterson, Chairman of Macfarlane Group, said: “The Macfarlane Group performance in the second half of 2020 has been robust in the face of significant challenges.

“This has only been achieved due to the outstanding commitment and hard work of our people.

“We have focused on ensuring they can service our customers effectively by creating safe environments in which they can work.

“The health and wellbeing of our employees continues to be paramount.

“There remain uncertainties and concerns over future economic conditions.

“However, with our diversified customer base, strong added value sales proposition and highly capable and committed team Macfarlane Group has demonstrated it is well positioned to manage the challenges facing the business in the remainder of 2020 and beyond.”

The Board of Macfarlane Group also announced  that John Love has chosen to retire as Group Finance Director on 31 December 2020 and succeeding him in this position will be Ivor Gray whose appointment will be effective on 1 January 2021.

Ivor Gray, Company Secretary, Macfarlane Group PLC. - Business News Scotland
(Picture credit Robert Perry)
Ivor Gray, Ivor Gray will be appointed to the Board of Macfarlane Group with immediate effect.

Ivor Gray will be appointed to the Board of Macfarlane Group with immediate effect, in advance of assuming the Group Finance Director role.

John Love will remain as a director of Macfarlane Group PLC until 31 March 2021 at which point he will fully retire from the Board.

John Love Macfarlane Group - Business News Scotland
Pictured John Love – John Love joined Macfarlane Group in 1996 and was appointed Group Finance Director in 1999.

Commenting on the changes Stuart Paterson said: “The Board would like to record their gratitude to John Love for his long, dedicated and valued contribution and specifically for his part in helping to steer the company through the current pandemic. We wish him a long and happy retirement.

“The Board also welcomes Ivor Gray to his new role. His extensive knowledge and experience of the business will enable an effective and orderly transition and help ensure Macfarlane Group continues to progress.”

 
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