Macfarlane Group sees first-half sales and profits soar

Image source, Macfarlane

Packaging specialist Macfarlane Group has reported a leap in revenue and profits for the first half of the year.

The Glasgow-based firm saw group sales climb year-on-year by 14% to £102m, while pre-tax profit was up 39% to £3.5m.

Its packaging distribution business grew sales by 14%, largely as a result of its acquisition of Greenwoods Stock Boxes last year.

Sales in its manufacturing operations were up by 11%.

That rise was attributed to strong demand for composite packs for export markets.

During the period, Macfarlane completed the acquisitions of Leicester-based Tyler Packaging and Harrisons Packaging, based in Leyland, Lancashire.

The pension scheme deficit was cut from £11.8m to £9.4m over the first half.

The board has recommended an 8% increase in the interim dividend, to 65p per share.

Group chairman Stuart Paterson said: "This strong performance in the first six months of 2018, supplemented by the expected seasonal uplift from the e-commerce sector in the second half of the year, gives the board confidence that its full year expectations for 2018 will be achieved."

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