Shares of Glasgow-based packaging firm Macfarlane Group rose more than 3% after it said in an AGM statement that group profit for the year to date “is well ahead of that achieved in 2017.”

In a statement covering 2018 to date, Macfarlane chairman Stuart Paterson said: “Group profit for the year to date is well ahead of that achieved in 2017 and, 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 2018.

“Sales have grown by 11% compared to the same period in 2017. 

“Our packaging distribution business has grown sales by 12% compared to 2017. 

“This comprises 3% organic sales growth and 9% sales growth attributable to the Greenwoods acquisition in September 2017, which continues to perform well. 

“Sales in our manufacturing operations are 4% above the equivalent period in 2017.

“As expected, net debt has reduced from the 31 December 2017 level and the group’s committed bank facilities have been increased to £30m. 

“The term has been extended until June 2022 and the group continues to operate well within these facilities.

“The year 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 2018 will be another year of good progress for Macfarlane Group.”