Macfarlane Group, the Glasgow-based packaging, design and distribution firm, said it expects its adjusted profit before tax for 2023 to be ahead of last year and in line with its full year expectations.

In a trading update for the period January 1 to October 31, 2023, Macfarlane said revenue year to date is 2% below the same period last year “with weaker volumes and lower pricing impacting most sectors.”

Macfarlane said: “These impacts are being offset by improved new business performance, effective management of pricing and costs, and the completion of three acquisitions, all of which are performing well.

“Good progress is being made in Europe, with a strong contribution from PackMann acquired in 2022, and continuing organic growth.”

Macfarlane Group chair Aleen Gulvanessian said: “In challenging conditions, the performance of the group this year has demonstrated the resilience of our business model and the benefit of effective management actions. 

“The board does not expect trading conditions to substantially improve in the near term and the management team will continue to execute actions to maintain the group’s progress.”

Headquartered in Glasgow, Macfarlane Group employs over 1,000 people at 39 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands.

Macfarlane supplies more than 20,000 customers, principally in the UK and Europe.