Glasgow-based packaging firm Macfarlane Group on Tuesday published its annual general meeting statement covering 2017 to date, saying group sales had grown 11% compared to the same period of 2016.
Macfarlane chairman Graeme Bissett said profit was ahead of that achieved in 2016 and that “recognising the influence of the online retail sector in the second half of the year, the board is confident that Macfarlane will perform in line with its expectations for 2017.”
Bissett added: “Our packaging distribution business, which represents 86% of group sales, has grown sales by 13% compared to 2016.
“This performance includes 10% sales growth attributable to prior year acquisitions, all of which continue to trade well, and organic sales growth of 3%, with an improving new business performance well ahead of the previous year.
“Sales in our manufacturing operations are 1% above the equivalent period in 2016 and, with our focus on higher value added products and services, profitability is ahead of 2016 …
“We will maintain our programme of growing organically in target markets, augmented by acquiring good quality businesses and we are confident that Macfarlane Group will continue to make further good progress in the remainder of the year.”
On February 23, Macfarlane Group pledged to continue looking for takeover deals as it revealed that recent acquisitions helped its 2016 sales rise 6% to £179.8 million and profit before tax climb 15% to £7.8 million.