Macfarlane Group PLC Interim Management Statement (8221H)
November 20 2018 - 2:00AM
UK Regulatory
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RNS Number : 8221H
Macfarlane Group PLC
20 November 2018
Interim Management Statement
20 November 2018
Macfarlane Group PLC today provides an update on trading for the
period from 30 June 2018 to 31 October 2018.
The momentum achieved in the first half of 2018 has been
maintained in the second half of the year with consistent levels of
organic growth and benefit from acquisitions. The Board is
confident, on the assumption that the Group benefits from the
normal seasonal uplift in activity in the final quarter of 2018,
that its full year expectations will be met.
Sales growth for the year to date is 13% with 5% achieved from
organic growth and the remainder from acquisitions. Accordingly,
Macfarlane Group's profit before tax in 2018 to date is well above
the corresponding period in 2017.
Bank borrowings were GBP10.9m at 30 June 2018. The Group will
pay GBP4.0m in deferred consideration for prior year acquisitions
in the second half of 2018, reflecting full payments in respect of
strong trading by these acquisitions in the earn-out periods. The
two most recent acquisitions had a net cash cost of GBP1.6m at the
start of the second half of 2018. These outflows will be largely
offset by the Group's traditionally strong working capital inflows
in the final quarter.
Stuart Paterson, Chairman of Macfarlane Group, said:
"I am pleased to report that Macfarlane Group's performance in
the second half of 2018 has continued to reflect the good progress
demonstrated in the first half. The Board remains confident in
meeting its full year expectations for 2018."
Further enquiries: Macfarlane Group Tel: 0141 333
9666
Stuart Paterson Chairman
------------------------------- ------------------
Peter Atkinson Chief Executive
------------------------------- ------------------
John Love Finance Director
------------------------------- ------------------
Spreng Thomson Tel: 0141 548
5191
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Callum Spreng Mob: 07803 970103
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Notes to Editors:
-- Macfarlane Group PLC is headquartered in Glasgow, Scotland,
listed on the London Stock Exchange (LSE: MACF) in the Industrials
Sector and has more than 60 years' experience in the UK packaging
industry
-- Macfarlane Group's businesses are:
Macfarlane Packaging is the leading UK distributor of a
comprehensive range of protective packaging products
Labels designs and prints high quality self-adhesive and
resealable labels, principally for FMCG companies
Packaging Design and Manufacture designs and produces protective
packaging for high value, fragile products
-- Macfarlane Group employs over 900 people at 31 sites,
principally in the UK, but also in Ireland and Sweden
-- The company has 20,000+ customers in the UK, Europe and USA
providing 600,000+ lines to a wide range of industry sectors
including: consumer goods; food manufacturing; logistics; internet
retail; mail order; electronics; defence and aerospace
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
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END
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