MACFARLANE Group PLC today revealed that sales revenues are up 25% year to date.
The Glasgow-headquartered protective packaging distributor said profit before tax is “well ahead” of the same time last year.
The firm said its performance since the first half has been robust in the face of continuing challenging market conditions.
The board now expects the group will exceed its previous expectations for the full year.
Sales revenue has grown by 25% in the year to date and group profit before tax is well ahead of the corresponding period in 2020, they added.
Macfarlane added that both acquisitions made in 2021 are performing well.
But they warned: “We expect the remainder of 2021 to remain challenging with input price inflation, supply constraints on certain raw materials and increased operating costs due to staffing pressures.
“Some customers are also experiencing supply chain issues which are affecting their demand for packaging.
“However, the group’s management team remains focused on effectively managing these challenges.”
Net bank debt at October 31 this year reduced to £2m from £8.7m on June 30 this year.
Stuart Paterson, Chairman of Macfarlane Group, said “performance has been robust in demanding market conditions and is testament to the strength of our business model and the diligence of our people”.
Paterson added: “At the interim results we indicated that we expected headwinds in the second half of 2021, so it is particularly pleasing to be once again raising our expectations for the full year.”
Macfarlane Group has been listed on the Premium segment of the Main Market of the London Stock Exchange (LSE: MACF) since 1973 with over 70 years’ experience in the UK packaging industry.
Through its two divisions Macfarlane Group services a broad range of business customers, supplying them protective packaging and labels which help customers reduce supply chain costs.
The firm employs over 1,000 people at 39 sites, principally in the UK, as well as in Ireland, Sweden, and the Netherlands.