Macfarlane Group, the Glasgow-based packaging, design and distribution firm, said on Thursday it is planning a new £6 million share buyback programme commencing in October 2026.
The news came as Macfarlane said first-half revenue rose 2% to £148.9 million and adjusted profit before tax fell 9% to £7.2 million for the six months to June 30.
Interim dividend has been maintained at 0.96p per share.
“At 30 June 2026 the Group had spent £3.1m of the £4m allocated to the share buyback programme launched in June 2025, buying back 3.8m shares, with the remaining £0.9m expected to be deployed by the end of September 2026,” said Macfarlane.
“The Group will allocate an additional £6m to share buybacks to commence in October 2026.
“At current market valuations and given management focus on the profit recovery programme, the Board believes this is an efficient use of capital.
“The Group intends to return to executing high-quality acquisitions as business performance improves.”
Headquartered in Glasgow, Macfarlane Group employs over 1,200 people at 42 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands. The firm supplies more than 20,000 customers, principally in the UK and Europe.
Macfarlane Group chair Aleen Gulvanessian said: “As we said at our AGM, following a difficult year in 2025, our main focus for 2026 was to start the process of profit recovery.
“I am pleased to report that the Group has made progress in the first-half of 2026, returning the Packaging Distribution business to organic profit growth, continuing to generate attractive returns from Manufacturing Operations and restoring the Pitreavie business to profitability in the second quarter.
“This performance gives us confidence to maintain the interim dividend and allocate a further £6m to a new share buyback programme.
“We have also taken decisive action to mitigate the cost impacts arising from events in the Middle East and successfully completed the pension scheme buy-in, strengthening security for members while further reducing the Group’s financial risk.
“Management is focused for the remainder of 2026 on continuing the execution of these actions.”