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Macfarlane Group PLC - Glasgow-based packaging firm - Says revenue in its second quarter was 7% down year-on-year, better than previous expectations which forecast that demand in the second quarter would reduce by between 20% and 25% of the level achieved in 2019 due to subdued levels of activity amid the Covid-19 lockdown. Expects sales for its second half to be down 3% from first half as weakness in the automotive, aerospace and high street retail sectors has been partly offset by strength in the e-commerce, medical, food and household essentials sectors. Looking ahead, Macfarlane said it expects to remain profitable in 2020 and to operate within its current borrowing facility which has headroom of GBP30.0 million.
Results for its half-year to the end of June will be published August 27.
Current stock price: 76.72 pence
Year-to-date change: down 31%
By Ife Taiwo; ifetaiwo@alliancenews.com
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