PROTECTIVE packaging specialist Macfarlane Group has revealed that it expects profits for 2023 to be in line with the board’s expectations.
The business provided a trading update for the period covering the start of January to the end of October, 2023.
The board expects the group’s adjusted profit before tax for 2023 to be ahead of last year.
The update also revealed that revenue in the year to date is 2% below the same period last year, with weaker volumes and lower pricing impacting most sectors. These impacts are being offset by ‘improved new business performance, effective management of pricing and costs, and the completion of three acquisitions, all of which are performing well’.
Macfarlane added that good progress is being made in Europe, with a ‘strong contribution’ from PackMann and continuing organic growth.
Net bank funds at 31 October 2023 were £3.7 million.
Aleen Gulvanessian, chair of Macfarlane Group, said, “In challenging conditions, the performance of the group this year has demonstrated the resilience of our business model and the benefit of effective management actions. The board does not expect trading conditions to substantially improve in the near term and the management team will continue to execute actions to maintain the group’s progress.”