Macfarlane Group, the Glasgow-based packaging, design and distribution firm, said on Thursday its sales revenue has grown 25% in the year to date and profit before tax is well ahead of the corresponding period in 2020.
In a trading update for the period to October 31, 2021, Macfarlane Group said “performance since the first half has been robust in the face of continuing challenging market conditions” and it now expects it will exceed its previous expectations for the full year.
Headquartered in Glasgow, Macfarlane Group employs over 1,000 people at 39 sites in the UK, Ireland, Sweded and the Netherlands.
“Both acquisitions made in 2021 are performing well …” said Macfarlane.
“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 focussed on effectively managing these challenges.”
Net bank debt at October 31, 2021, reduced to £2 million from £8.7 million at June 30, 2021.
Macfarlane Group chairman Stuart Paterson said: “The Macfarlane Group performance has been robust in demanding market conditions and is testament to the strength of our business model and the diligence of our people.
“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.”