LONDON (Alliance News) - Packaging and labels company Macfarlane Group PLC on Tuesday said trading so far in 2016 has met its expectations despite mixed trading in its two divisions.
Macfarlane Chairman Graeme Bissett, speaking at the company's annual general meeting, said group sales are up 3.0% in the year to date, with the contribution from acquisitions offsetting soft market conditions.
Bissett said Macfarlane is on track to meet its expectations for 2016 as a whole, driven by an expected boost in sales to the e-commerce sector in the second half.
Packaging Distribution, Macfarlane's largest division, has seen sales rise 4.0% year-on-year, boosted by acquisitions made in 2015 and investments made in the business. Manufacturing sales, meanwhile, have fallen 3.0% amid softer market demand.
"We are confident that we will make further good progress in the remainder of the year," Bissett said.
Macfarlane shares were down 1.5% to 67.26 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Macfarlane Grp. (MACF)