Macfarlane Group has reported sales revenue so far this year 11% ahead of the same period in 2021, with weaker volumes being offset through the management of input price rises.
The protective packaging company's trading update for the period from 1 January to 31 October 2022 stated that its board expects full year results to be ahead of last year and in line with expectations.
Strategic progress is being made in Europe, following the acquisition of PackMann in May, while actions to improve productivity and streamline the operating footprint are being implemented.
Net bank debt nearly halved from £9.7m at the end of June to £5m at the end of October.
Aleen Gulvanessian, chair of Macfarlane Group, said: “Given the well-publicised adverse market conditions we are pleased with the performance of the group so far in 2022 and confident in meeting our profit expectations for the year.
“Whilst challenges will continue to persist, with the experience of our management team, resilience of our business model and strong acquisition pipeline, we are well placed to maintain the group’s positive progress.”
Through its two divisions - packaging distribution and manufacturing operations - Macfarlane Group supplies a range of industries with protective packaging, including: retail, consumer goods, food, logistics, electronics, defence, automotive and aerospace.
Headquartered in Glasgow, the group employs more than 1,000 people at 37 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands.
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