MACFARLANE Group has revealed that ‘strong growth’ has delivered results ‘ahead of market expectations’ after the business released its preliminary financial results for the year ended 31 December 2021.
Revenue has increased by 26% to £264.5 million, while pre-tax profit is up 50% to £18.7 million.
Net cash inflow from operating activities of £23.8 million – up from £23.3 million – is said to reflect ‘increased activity and continuing good management of working capital’.
Glasgow-headquartered Macfarlane Group said the business benefited from the ongoing shift to e-commerce retail, the post-Covid recovery in certain industrial sectors, and the acquisitions of GWP and Carters Packaging.
Despite ongoing ‘difficult’ operating conditions caused by the pandemic, inflationary pressure on input costs, and supply shortages of some materials, the business hailed its ‘strong profit performance’.
Macfarlane added that it is anticipating that this year will see ongoing inflationary pressure on input prices, continuing supply constraints on most raw materials, and operating costs increasing due to staffing pressures. However, trading in the early months was described as ‘encouraging’.
The board is proposing a final dividend of 2.33 pence per share, amounting to a full year dividend of 3.20 pence per share, compared to the prior year dividend of 2.55 pence per share.
