Macfarlane hails ‘robust’ financial performance in second half of 2020

MACFARLANE Group has announced that group sales revenue and pre-tax profits for the 2nd half of the year to date is ahead of the same period in 2019.

The business provided an update on trading for the period from 30 June to 31 October 2020.

Sales revenue in the four months to 31 October was described as ‘better than expected’ and has grown by 4% compared with 2019 levels. This, Macfarlane said, represents a ‘strong recovery’ from Q2 when sales decreased by 5.2% following the Covid-19 lockdown period.

Macfarlane said ‘good sales growth’ has been achieved in the internet retail, household essentials and medical sectors. Sales have also been improving in some industrial sectors.  However, sales in the aerospace, high street retail and food service sectors are expected to ‘take some time’ to recover to pre-Covid levels.

Stuart Paterson, chairman of Macfarlane Group, said, “The Macfarlane Group performance in the second half of 2020 has been robust in the face of significant challenges. This has only been achieved due to the outstanding commitment and hard work of our people. We have focused on ensuring they can service our customers effectively by creating safe environments in which they can work. The health and wellbeing of our employees continues to be paramount.

“There remain uncertainties and concerns over future economic conditions. However, with our diversified customer base, strong added value sales proposition and highly capable and committed team Macfarlane Group has demonstrated it is well positioned to manage the challenges facing the business in the remainder of 2020 and beyond.”

Macfarlane has also announced that group finance director John Love has chosen to retire from the role at the end of the year. He will be succeeded by Ivor Gray.

John joined Macfarlane in 1996 and was appointed finance director in 1999. Ivor Gray is currently group financial controller and company secretary. He has worked at Macfarlane for 24 years in a variety of financial and commercial roles.