GLASGOW-based Macfarlane Group has issued a trading update in which the protective packaging specialist revealed it expects financial results for 2022 to be ahead of last year and in ‘in line’ with the firm’s full-year expectations.
The update covers the period from January 1 to October 31 this year.
Sales revenue for the year to date is 11% ahead of the same period last year, with ‘weaker volumes’ offset through the ‘effective management’ of input price increases, Macfarlane said.
The business added that strategic progress is being made in Europe following the acquisition of PackMann and the continuing rollout of Macfarlane’s ‘Follow the Customer’ programme.
Net bank debt at the end of October was down to £5 million compared with £9.7 million at the end of June.
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.”