Check out the latest articles in our Investment Trusts portal

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMacfarlane Grp. Share News (MACF)

Share Price Information for Macfarlane Grp. (MACF)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 113.50
Bid: 111.50
Ask: 116.00
Change: 0.00 (0.00%)
Spread: 4.50 (4.04%)
Open: 113.50
High: 113.50
Low: 113.50
Yest. Close: 113.50
MACF Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Macfarlane Group wraps up first half of sales and profit growth

Thu, 22nd Aug 2019 11:30

(Sharecast News) - Macfarlane Group reported a 5.4% improvement in its group turnover for the first half on Thursday, to £107.54m.
The London-listed packaging and labelling firm said its profit before tax was 8.7% higher year-on-year, at £3.83m, with its diluted earnings per share rising 9.9% for the six months ended 30 June to 1.99p.

Its board recommended an interim dividend of 0.69p per share, which was 6.2% higher than the company's interim distribution in 2018.

Macfarlane's chairman Stuart Paterson said the group's sales growth was achieved against a background of "well-publicised" weaker demand.

He explained that the company's performance in the first six months of 2019, and its actions in place to increase its margin in the second half, together with the usual seasonal uplift from the e-commerce sector in the final quarter, gave its board "confidence" that full-year expectations would be achieved.

In packaging distribution, sales were ahead by 4.4%.

"Sales revenue from existing customers was impacted by weaker demand and sales price deflation but this was offset by good new business growth and the benefit of the 2018 acquisitions of Tyler Packaging Leicester and Harrisons Packaging, as well as the recent acquisition of Ecopac UK concluded at the start of May," Paterson said.

"First half operating profit in packaging distribution at £4.5m was ahead of the equivalent period in 2018."

Sales in the company's manufacturing operations were 16.0% above 2018, with strong demand reported for resealable labels, mainly through new customer wins.

First half operating profit in the division was £0.4m - above that achieved in 2018.

Net bank debt at 30 June was £15.0m, which was £1.8m above the level as at 31 December, primarily due to a £2.8m cash outflow on the acquisition of Ecopac.

"The group is operating well within its existing bank facility of £30.0m," Stuart Paterson said.

"We expect to finance an estimated £1.4m in deferred consideration payable in the second half of 2019, relating to the acquisitions of Tyler and Harrisons.

"Consistent with our normal pattern, we expect to be strongly cash generative from trading in the second half of the year."

The firm's pension scheme deficit reduced to £9.0m as at 30 June, from £9.8m on 31 December, mainly due to the company's continued payment of deficit reduction contributions during the six month period.

"The significant reduction in the discount rate in the first six months was largely offset by strong investment returns, justifying the focus on liability-driven investments to match the scheme's liability profile," Paterson added.

"Our strategy is to deliver sustainable profit growth by focusing on added value products and services in our target market sectors, combined with the execution of value-enhancing acquisitions.

"Macfarlane group's performance in the first half of 2019 reflects the successful implementation of this strategy and we are confident that the group will continue to make further progress in the remainder of 2019."

More News

Macfarlane Says Sales Revenue Hurt By Weaker Demand In UK

Macfarlane Says Sales Revenue Hurt By Weaker Demand In UK

20 Nov 19 10:35

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

14 Nov 19 16:05

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

3 Oct 19 16:04

Macfarlane Buys Leyland Packaging In GBP3.3 Million Cash, Shares Deal

(Alliance News) - Packaging firm Macfarlane Group PLC said Monday it has acquired Leyland Packaging Co Ltd for up to GBP3.3 million in a cash and share deal.Macfarlane will pay an initial a

2 Sep 19 09:41

Macfarlane Group wraps up first half of sales and profit growth

(Sharecast News) - Macfarlane Group reported a 5.4% improvement in its group turnover for the first half on Thursday, to £107.54m.

22 Aug 19 11:30

Macfarlane Hikes Interim Payout As Results Rise Despite Weaker Market

(Alliance News) - Packaging firm Macfarlane Group PLC boosted its dividend Thursday after interim profit and revenue both grew despite a "weaker demand" backdrop.For the six ended

22 Aug 19 10:02

UK Earnings, Trading Statements Calendar - Next 7 Days

Friday 16 August no events scheduled Monday 19 Advanced CommunicationsHalf

15 Aug 19 15:59

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 8 MayGlaxoSmithKlineTen EntertainmentGrafton GroupMorgan Sindall Service 9

7 May 19 16:02

Macfarlane buys packaging distribution business Ecopac for up to ?3.9m

(Sharecast News) - Packaging and label company Macfarlane has bought Buckinghamshire-based protective packaging distribution business Ecopac for up to £3.9m in cash.

7 May 19 13:48

Packaging Firm Macfarlane Buys Ecopac For Up To GBP3.9 Million In Cash

LONDON (Alliance News) - Packaging firm Macfarlane Group PLC said Tuesday it has acquired Ecopac (UK) Ltd for up to GBP3.9 million in cash.Macfarlane will pay an initial GBP3.1 million in a

7 May 19 10:18

TI Fluid Systems Hires Ex-AstraZeneca HR Boss Dunstan As Non-Executive

LONDON (Alliance News) - TI Fluid Systems PLC said Friday it hired former AstraZeneca PLC and Wincanton PLC executive Andrea Dunstan as a non-executive director at the liquid handling systems with

8 Mar 19 08:19

Macfarlane Group shares slip after profits improve

(Sharecast News) - Macfarlane Group shares were down on Thursday morning, after it reported another year of "significant growth" in its 2018 annual results, with sales up 11% to £217.3m.

21 Feb 19 10:19

Macfarlane Hikes 2018 Dividend Amid Jump In Profit, Revenue Growth

LONDON (Alliance News) - Packaging firm Macfarlane Group PLC hiked its 2018 dividend on Thursday after profit and revenue both jumped, with 2019 having started well with further profit 2018, 17% a

21 Feb 19 09:50

UK Earnings, Trading Statements Calendar - Next 7 Days

Friday 15 February Royal Bank of Scotland GroupFull Year ResultsSEGROFull Year & Year

14 Feb 19 16:11

Macfarlane Maintains First Half Momentum, Expects To Meet Forecasts

LONDON (Alliance News) - Packaging and label company Macfarlane Group PLC said Tuesday the momentum achieved in its first half has been maintained in the second half.In the period from June

20 Nov 18 13:21

Login to your account

Don't have an account? Click here to register.