TIDMMACF
RNS Number : 2725Q
Macfarlane Group PLC
25 February 2021
25 February 2021
ANNUAL RESULTS 2020
Financial Highlights Restated
2020 * Increase
2019
Turnover GBP230.0m GBP225.2m 2.1%
Profit before tax GBP13.0m GBP11.9m 9.6%
Proposed full year dividend 2.55p 0.69p 369.6%
Basic earnings per share 6.45p 6.09p 5.9%
* Restatement resulting in a reduction in Turnover and Profit
before tax of GBP0.2m relating to backdated duty with details set
out on pages 21 and 22.
Macfarlane Group PLC ("the Group") has performed well in 2020,
achieving a resilient performance, which despite the challenging
market conditions due to the impact of Covid-19, is ahead of our
previous expectations.
At the outset of the Covid-19 pandemic, we acted decisively and
responsibly to ensure that we protected the interests of our
employees as well as other key stakeholders and all our sites
remained operational serving customers throughout the year. The
Group performance in 2020 is a testament to the quality and
commitment of our people, the diversity of our customer base and
our strong added value proposition.
The Board wishes to thank all of our people for their
exceptional hard work and dedication, which ensured that we
effectively supported our customers throughout 2020 in the most
difficult circumstances.
Trading
Macfarlane Group achieved a 2.1 % increase in sales to GBP230.0m
in 2020, (2019: Restated* GBP225.2m), with 2020 profit before tax
increasing to GBP13.0m (2019: Restated* GBP11.9m), 9.6% ahead of
2019.
Packaging Distribution increased sales by 2.6% in 2020 to
GBP201.7m (2019: GBP196.7m). Sales revenue from existing customers
benefited from underlying strength in the e-commerce, household
essentials and medical sectors partially offset by weaker demand
from sectors most affected by Covid-19, namely automotive,
aerospace, high street retail and hospitality. Sales also benefited
from the 2019 acquisitions of Ecopac and Leyland Packaging, as well
as the January 2020 acquisition of Armagrip. Gross margin in
Packaging Distribution at 32.5% showed improvement on the prior
year (2019: 31.1%) and reflected effective management of input
price movements, customer mix changes and increased online
activity. The growth in sales and margin was partially offset by an
increase in bad debt and end of lease property provisions totalling
GBP1.9m which resulted in Packaging Distribution achieving a 12.8%
increase in operating profit to GBP14.0m (2019: GBP12.4m).
Sales in Manufacturing Operations at GBP28.3m (2019: Restated*
GBP28.5m) showed a 0.9% decrease on the previous year. Strong
demand from the food, medical and household essentials sectors in
the Labels business was more than offset by weaker demand from the
aerospace and automotive sectors in the Packaging Design and
Manufacture business. Operating profit in 2020 decreased to GBP0.4m
(2019: Restated* GBP1.1m).
After net finance costs of GBP1.4m (2019: GBP1.6m), Group profit
before tax totalled GBP13.0m, GBP1.1m ahead of 2019. Basic and
diluted earnings per share were 6.45p (2019: Restated* 6.09p) and
6.42p (2019: Restated* 6.07p) respectively.
Dividend
The Board is proposing a final dividend of 1.85 pence per share,
amounting to a full year dividend of 2.55p pence per share,
compared to the prior year dividend of 0.69 pence per share which
was impacted by the cancellation of the proposed final dividend of
1.76 pence per share, as one of the key Covid-19 cash conservation
measures. Subject to the approval of shareholders at the Annual
General Meeting on Tuesday 11 May 2021, the final dividend will be
paid on Thursday 3 June 2021 to those shareholders on the register
at Friday 14 May 2021.
Net Bank Debt
The Group's net bank borrowing at 31 December 2020 reduced to
GBP0.5m from GBP12.7m at the previous year-end. The improved cash
position has been achieved primarily through effective management
of working capital. The full benefit of all government support and
deferral programmes totalling GBP5.4m was repaid during the year.
Deferred considerations on the Ecopac and Leyland acquisitions in
2019 totalling GBP1.8m were paid during 2020.
The Group's bank facility of GBP30.0m with Lloyds Banking Group
has been extended until December 2025 and accommodates normal
working capital requirements as well as supporting acquisition
funding.
Pension Scheme
The Group's pension deficit at 31 December 2020 reduced to
GBP1.5m (2019: GBP6.5m). Although the discount rate decreased,
increasing the value of pension liabilities, this was offset by
increases in the value of the scheme's holding in liability-driven
investments and other investments.
The triennial valuation of the pension scheme on 1 May 2020 has
now been concluded and the Group has agreed with the Scheme's
Trustees to reduce contributions from GBP3.1m to GBP1.3m per annum
with effect from 1 May 2021. The recovery period for deficit
contributions now runs until April 2024.
Outlook
2021 has started well despite the ongoing impact of Covid-19.
There are still significant uncertainties about the duration of
disruption caused by lockdowns and the consequential impact on
demand levels which means that 2021 will be another challenging
year. However the Board is confident that, given the resilience
seen in 2020, the strength of our business model and the commitment
of our people, Macfarlane Group will progress in 2021 and is well
positioned to benefit when the UK economy begins to recover.
Further enquiries: Macfarlane Group Tel: 0141 333 9666
Stuart Paterson Chairman
------------------------------- -------------------
Peter Atkinson Chief Executive
------------------------------- -------------------
Ivor Gray Finance Director
------------------------------- -------------------
Spreng Thomson Tel: 0141 548 5191
------------------------------- -------------------
Callum Spreng Mob: 07803 970103
------------------------------- -------------------
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
-- Macfarlane Group PLC is listed on the London Stock Exchange
(LSE: MACF) in the Industrials Sector
-- The company is headquartered in Glasgow, Scotland and has
more than 70 years' experience in the UK packaging industry.
Macfarlane Group's businesses are:
o Packaging Distribution is the leading UK distributor of a
comprehensive range of protective packaging products;
o Manufacturing Operations which includes Labels, which designs
and print high quality self-adhesive and resealable labels,
principally for FMCG companies, and Packaging Design and
Manufacture, which designs and produce protective packaging for
high value, fragile products.
-- Macfarlane Group employs over 850 people at 31 sites,
principally in the UK, but also in Ireland, Sweden and Holland.
-- The company has 15,000+ customers in the UK, Europe and the
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.
MANAGING THE COVID-19 PANDEMIC ("Covid-19")
Background
During March 2020 the UK Government issued guidance in response
to Covid-19 which introduced a national lockdown and social
distancing rules. Reduced activity in the UK economy and
restrictions on personal behaviour continued during 2020 and still
remain in place in February 2021.
The Group's response to Covid-19 has focused on:
-- The safety and wellbeing of our people;
-- Protecting our financial position; and
-- Maintaining service to our customers.
The measures taken throughout the period are detailed below
together with a summary of the ongoing impact on Macfarlane Group,
its employees, customers and other stakeholders.
Crisis Management
A Covid-19 project team ("Covid-19 team") comprising senior
managers from across the Group was established in February 2020 to
review and lead the implementation of our business continuity
plans. The Covid-19 team reported regularly to Executive Management
and the Board.
The project team has managed the Group's response to the
pandemic, adapting actions to respond to changing government
legislation and advice. The team has also consulted with experts to
provide ongoing learning and has benchmarked its actions against
other businesses.
In the first stages, the Covid-19 team focused on implementing
safety protocols for those employees working on site, the
application of the furlough scheme and ensuring employees were
equipped to work from home, or where required shield or
self-isolate. Employees on furlough were paid 80% of their full pay
throughout the furlough period, although all employees were
topped-up at the Group's expense to ensure no member of staff was
paid less than minimum wage.
Our Covid-19 team reviewed and implemented the Group's
procedures in response to local, regional and national lockdowns,
ensuring that we complied with local guidelines and continued to
provide safe working environments and protection for our employees'
wellbeing.
Specific initiatives included:
(a) Mental Health Awareness training for senior managers;
(b) Employee engagement activities; and
(c) Care packages for employees and their families.
Financial Management
Financial modelling was completed in March 2020 which stress
tested the Group's ability to survive a range of scenarios both
short-term and long-term focusing on levels of customer demand and
the resultant finance requirements.
Following this stress testing actions were taken to preserve
cash and control costs. These actions included
(a) furloughing employees, utilising the Coronavirus Job
Retention Scheme ("CJRS");
(b) deferring VAT and PAYE payments in accordance with
Government pronouncements;
(c) cancelling the 2019 final dividend of 1.76p per share;
(d) deferring all acquisition activity;
(e) eliminating non-essential capital and revenue spending;
(f) cancelling 2020 incentive schemes;
(g) Board members waiving 25% salary for six months; and
(h) engaging with all suppliers, including landlords and pension
trustees to explore the Group's ability to defer payments.
Given the uncertainty throughout the economy, the Group withdrew
profit guidance to the market in March 2020.
MANAGING THE COVID-19 PANDEMIC ("Covid-19")
Financial Management (continued)
There was a strong focus by the finance teams on day to day
management of working capital, including increased diligence over
customer credit, the conversion of trade receivables and closely
managing inventory levels in line with changing customer demand .
It became clear during the second quarter of 2020 that reductions
in activity would not be as severe as had been initially modelled
and that there would be no requirement for the Group to seek
additional finance from our bank, government supported loan
schemes, suppliers or shareholders.
At the end of 2020 our committed bank borrowing facility of
GBP30m was extended from June 2022 to December 2025 to provide
greater financial certainty over a longer period.
Customer Impact
Customers we serve in the e-commerce retail, hygiene, household
essentials, medical and food sectors demonstrated strong demand as
they played a vital role in helping the country meet the challenge
of Covid-19. However, customers in industrial sectors particularly
aerospace and automotive were materially impacted by lockdown
activity and demand levels reduced.
As the year progressed our strong customer sectors continued to
perform well with recovery in some of the industrial sectors with
businesses beginning to return to work as they implemented revised
working protocols for their staff.
Customer Service
All our sites remained open and trading throughout 2020.
Staffing levels were adjusted to service reduced demand, with
social distancing and hygiene measures established to protect the
health, safety and wellbeing of our staff and customers.
Our Covid-19 team reviewed and implemented the Group's
procedures to re-open sites to employees who had previously worked
from home. They ensured that all our employees could work in a
Covid-19 safe environment including the provision of clear signage
and barriers to manage social distancing, protective equipment,
hand sanitising stations, temperature checking, regular cleaning
and ongoing education.
All sites were risk assessed by our Health and Safety team and
all external visits and assessments from the Health and Safety
Executive validated that the measures taken throughout the Group
were appropriate.
Managing our People
Our front line employees including warehouse, production and
delivery staff were encouraged and supported to operate as normal.
At the start of the third quarter, payments of GBP250 were made to
all operational staff who had worked on site throughout the second
quarter of the year.
The majority of our office-based staff worked successfully from
home in accordance with our home working protocols.
Our Human Resources team has enhanced the health and wellbeing
support available to staff, particularly for those in vulnerable
groups as well as those undertaking extended periods of home
working. The team ensured that all employees whether working on
site or at home received regular communications regarding the
Group's response to Covid-19, regular care packages including
supplies of hand sanitisers and face-coverings for staff and their
families and for all employees on long-term furlough, one-to-one
calls to ensure their wellbeing.
All 2020 Bonus Programmes were cancelled and a new incentive
programme was introduced enabling employees to participate in a
Performance Award Scheme which would reward based on the
profitability of their respective business.
MANAGING THE COVID-19 PANDEMIC ("Covid-19")
Communication
The 2020 AGM was held virtually, in line with government
guidelines, with only directors and Registrars attending on a
virtual basis.
There has been regular dialogue with shareholders to keep them
updated on key operational and financial issues.
Throughout 2020 ongoing updates were held by Executive Directors
with the senior management and local management teams in order to
communicate progress, the sharing of ideas and addressing any
concerns about how the Group was responding to the pandemic.
All employees received frequent communications providing support
and guidance throughout the year. In addition to our normal
communication with customers, a regular letter gave them clarity on
our service offering and key business developments.
A Covid-19 Hotline was established for any employee to have
direct, confidential access if they had any concerns or required
additional support regarding the impact of Covid-19.
A number of surveys were carried out with both customers and
employees to ensure we were fully aware of issues concerns and
their priorities.
We maintained close contact with our key suppliers particularly
in the final quarter of the year when volatile demand patterns
created some stress within supply chains.
Financial Performance
Group sales reduced by 2.0% in the first half of 2020 compared
to the same period in 2019 and net bank borrowings reduced by
GBP11.9m over the six month period to GBP0.8m. We saw an increase
in our bad debt experience in the second quarter.
On announcing the interim results on 27 August 2020, market
guidance was restored and dividends to shareholders recommenced,
with the declaration of an interim dividend of 0.70p per share
which was paid in October 2020.
Following better than expected trading levels in the second
quarter, CJRS monies received of GBP1.3m were repaid in full and
GBP4.1m of deferred taxes were brought up to date. In total amounts
equating to GBP5.4m were repaid to HMRC by the end of August
2020.
During the third quarter Group sales increased by 4.7% compared
to the same period in 2019 and Group bank debt was GBP1.0m after
the repayment of all CJRS monies and tax deferrals totalling
GBP5.4m. In the final quarter of 2020, Group sales increased by
6.9% compared to the same period in 2019 and Group debt was GBP 0.5
m. Given the strong performance in the final quarter of the year,
we were able to:-
(a) make an advance payment on account in respect of the
Performance Award Scheme;
(b) apply sums totalling GBP20k usually used for Christmas
cards, calendars and diaries to charitable donations for Mind,
Shelter and the Trussell Trust;
(c) recommence discussions with acquisition targets which were put on hold in March 2020;
(d) approve certain capital expenditure projects which will take
effect in 2021; and
(e) repay sums waived from salaries by the Executive as
instructed by the Remuneration Committee.
The full year 2020 performance resulted in sales of GBP230.0m, a
2.1% increase compared to 2019 and PBT of GBP13.0m compared to
GBP11.9m (Restated*) in 2019. Net bank debt at the end of 2020 was
GBP0.5m (2019: GBP12.7m).
MANAGING THE COVID-19 PANDEMIC ("Covid-19")
2021 and Beyond
Covid-19 continues to have a significant impact across the world
constraining day-to-day life and having wide-ranging impacts on our
operations.
The key impacts of Covid-19 on our business are:-
(a) There continues to be uncertainty about the duration of
disruption, potential for further outbreaks and the consequential
impact on demand levels caused by public health measures necessary
to control the spread of the disease, including periods of
lockdowns;
(b) The speed and extent to which the economy recovers will
continue to create fluctuations in demand across our customer base.
Some key market sectors may not fully recover for a significant
period of time;
(c) The increased move from traditional high street retailing to
online retailing is likely to become a more permanent shift in
consumer demand patterns. The Group has seen a significant increase
in business in 2020 from online retailers which has helped mitigate
the reductions experienced by manufacturing and industrial
customers;
(d) There has been an increase in customers placing their orders
electronically both through our web-shop and our Simplicit-e
electronic trading platform. We expect this trend to continue;
(e) The moves to accommodate increased reliance on remote
working by employees and increased online activity;
(f) The health and wellbeing support available to staff has been
enhanced, particularly for those in vulnerable groups ;
(g) The need for a strong and continued focus on day to day
management of working capital, including increased diligence over
customer credit, the conversion of trade receivables and managing
inventory levels in line with changing customer demand; and
(h) There may be delays and difficulties in sourcing inventory
and raw materials due to the disruption of suppliers' production,
particularly given the overlay of new trading arrangements with the
EU from 2021.
The Covid-19 pandemic has affected a number of our principal
risks highlighted in the tables on pages 11 to 14. We have
therefore treated Covid-19 as an event impacting many of our
existing risks, rather than as a separately defined new risk.
Summary
The response by Macfarlane Group to the challenge of Covid-19
has been effective:-
-- Our people have been operating in safe conditions both in
their workplace and when working from home. We have worked hard to
ensure their health and wellbeing;
-- The 2020 financial results for the Macfarlane Group show a
resilient performance despite challenging conditions. Sales in 2020
increased by 2.1%. PBT increased by GBP1.1m compared to 2019
(Restated*) and Group debt reduced by GBP12.2m to GBP0.5m; and
-- All our sites remained operational and we have maintained our
service to customers. Our Net Promoter Score ("NPS") score in 2020
at 53 showed an improvement on 2019.
The impact of Covid-19 has been a real test for Macfarlane Group
in 2020. The resilience in our performance reflects well on the
strength of our business model, a well-diversified customer base
operating across a wide range of industry sectors, a robust
financial structure and the quality and commitment of our
people.
BUSINESS REVIEW
The Covid-19 pandemic had a significant impact on Macfarlane
Group in 2020. We had to quickly introduce new working practices to
protect the health, safety and wellbeing of our employees, continue
to provide high levels of service to our customers and ensure the
financial stability of the Group.
Many of our customers depend on our packaging to supply their
essential goods and services to consumers, critical businesses and
the NHS. Our effectiveness in maintaining supply to our customers
reflects favourably on the quality and commitment of our people and
the strength of our business model.
Despite the significant challenges the Group has faced, the
financial performance in 2020 has been resilient with sales growth
of 2.1% and an operating profit performance 6.5% ahead of 2019.
Restated* Restated*
Operating Operating
Group performance Revenue profit Revenue profit
2020 2020 2019 2019
GBP000 GBP000 GBP000 GBP000
Segment
Packaging Distribution 201,739 13,988 196,706 12,406
Manufacturing Operations 28,290 381 28,540 1,081
Group Total 230,029 14,369 225,246 13,487
Operating profit 6.2% 6.0%
* Restatement resulting in a reduction in Turnover and Profit
before tax of GBP0.2m relating to backdated duty with details set
out on pages 21 and 22.
Macfarlane Packaging Distribution is the leading UK specialist
distributor of protective packaging materials. Macfarlane operates
a Stock and Serve supply model from 25 Regional Distribution
Centres (RDCs) and 3 satellite sites, supplying industrial and
retail customers with a comprehensive range of protective packaging
materials on a local, regional and national basis.
Competition in the packaging distribution market is from local
and regional protective packaging specialist companies as well as
national/international distribution generalists who supply a range
of products, including protective packaging materials. Macfarlane
competes effectively on a local basis through its strong focus on
and regular monitoring of customer service, its breadth and depth
of product offer and through the recruitment and retention of
high-quality staff with good local market knowledge. On a national
basis Macfarlane has focus, expertise and a breadth of product and
service knowledge, all of which enables it to compete effectively
against non-specialist packaging distributors.
Macfarlane benefits its customers by enabling them to ensure
their products are cost-effectively protected in transit and
storage through the supply of a comprehensive product range, single
source Stock and Serve supply, Just In Time delivery, tailored
stock management programmes, electronic trading and independent
advice on both packaging materials and the packing processes.
Packaging Distribution 2020 2019 2020
GBP000 GBP000 Growth
Revenue 201,739 196,706 2.6%
Cost of sales (136,177) (135,525)
Gross margin 65,562 61,181 7.2%
Operating expenses (51,574) (48,775) 5.7%
Operating profit 13,988 12,406 12.8%
Packaging Distribution grew sales by 2.6% in 2020. Despite the
challenges of Covid-19 existing business has remained resilient
with strong demand in the e-commerce, household essentials and
medical sectors offsetting weaker demand from customers in the
automotive, aerospace, hospitality and high street retail sectors.
Sales to retail companies in 2020 represents 28 % of sales (2019:
23%).
Whilst new business growth has been more subdued due to limited
engagement with potential customers through the Covid-19 lockdown
period, new business generation of GBP11.3m (2019: GBP12.5m) was
achieved. The impact of lockdowns meant a change in buying
behaviour with increasing numbers of customers choosing to buy
online through our shop.macfarlanepackaging.com website or through
our Simplict-e electronic trading platform.
BUSINESS REVIEW
Packaging Distribution
The gross margin in Packaging Distribution improved to 32.5%,
(2019: 31.1%) through our effectiveness in managing input price
changes, a more favourable customer mix and the growth in customers
transacting online.
We continued to deliver the benefit from acquiring high quality
packaging distribution businesses and in January 2020 we completed
the acquisition of the packaging trade and assets of Armagrip.
During 2020 the earn-out programmes for the 2019 acquisitions of
Ecopac and Leyland were concluded, with both achieving close to
maximum payments.
During 2020 we made steady progress in extending our service
into Europe to support a number of our pan-European customers. A
Macfarlane subsidiary company, Macfarlane Group BV, was set up in
Holland to service customers in the Benelux region and whilst still
in the early stages, achieved sales of GBP1.1m in 2020.
Overhead increases were primarily due to the impact of
acquisitions (GBP1.3m), bad debt charges (GBP0.8m), end of lease
dilapidations (GBP1.1m) and some incremental Covid-19 costs.
Packaging Distribution's operating profit at GBP14.0m grew 12.8%
vs 2019 reflecting a 6.9% (2019: 6.3%) return on sales.
Future Plans
2021 plans are focused on continuing to grow sales and improving
profitability through the following actions:
-- Prioritise engagement with potential new customers in stable
and growing sectors such as e-commerce, medical and third party
logistics ("3PL");
-- Invest in new technology to allow our sales teams to
demonstrate our ability to add value for customers through ongoing
implementation of our "Significant Six" sales approach to optimise
their "Total Cost of Packaging" in both face-to-face and virtual
environments;
-- Extend the penetration of our web-based solutions and
technologies to enable customers improved on line access to our
full range of products and services;
-- Accelerate the good progress we have made in our "Follow the Customer" programme in Europe;
-- Reduce operating costs through efficiency programmes in sales, logistics and administration;
-- Maintain the focus on working capital management to
facilitate future investment and manage effectively the bad debt
risk which has increased in the current economic environment;
and
-- Supplement organic growth through progressing further suitable quality acquisitions.
Manufacturing Operations comprises our Packaging Design and
Manufacture business and our Labels business.
The principal activity of the Packaging Design and Manufacture
business is the design, manufacture and assembly of custom-designed
packaging solutions for customers requiring cost-effective methods
of protecting high value products in storage and transit. The
primary raw materials are corrugate, timber and foam. The business
operates from two manufacturing sites, in Grantham and Westbury,
supplying both directly to customers and also through the national
RDC network of the Packaging Distribution business.
Key market sectors are defence, aerospace, medical equipment,
electronics and automotive. Our markets are highly fragmented with
a range of locally based competitors. We differentiate our market
offering through technical expertise, design capability, industry
accreditations and national coverage through the Packaging
Distribution business.
Our Labels business designs and prints self-adhesive labels for
major Fast-moving Consumer Goods ("FMCG") customers in the UK and
Europe and resealable labels for major customers in the UK, Europe
and the USA. The business operates from production sites in
Kilmarnock and Wicklow and a sales and design office in Sweden,
which focuses on the development and growth of our resealable
labels business, Reseal-it.
The Labels business has a high level of dependence on a small
number of major customers. Management works closely with these key
customers to ensure high levels of service and to introduce product
and service development initiatives to achieve competitive
differentiation.
BUSINESS REVIEW
Restated*
Manufacturing Operations 2020 2019 2020
GBP000 GBP000 Growth
Sales 28,290 28,540 (0.9%)
Cost of sales (17,306) (17,731)
Gross margin 10,984 10,809 1.6%
Operating expenses (10,603) (9,728) 9.0%
Operating profit 381 1,081 (64.8%)
* Restatement resulting in a reduction in Turnover and Profit
before tax of GBP0.2m relating to backdated duty with details set
out on pages 21 and 22.
Manufacturing Operations
2020 sales for Packaging Design and Manufacture were 20.2% below
2019 due to weak demand in the aerospace and automotive sectors.
Given the weakness in sales, particularly in the aerospace sector,
which is expected to continue for some time, actions were taken in
the second half of 2020 to realign the cost base in order to return
the business to profitability in 2021. As a result of the lower
sales and the one-off impact of effecting these cost reductions,
the business made a small loss in 2020.
Labels' sales increased by 10.6% in the year due to higher
demand from existing customers in the food, household essentials
and hygiene sectors. Overheads costs increased, due primarily to
higher transportation costs servicing overseas customers in a
Covid-19 environment. Profit in 2020 was marginally ahead of
2019.
Future Plans
Priorities for the Manufacturing Operations in 2021 are to:
-- Re-focus the Design & Manufacture sales team on growth sectors, such as Medical and Defence;
-- Prioritise new sales activity on our higher added-value bespoke composite pack product range;
-- Continue to strengthen the relationship between our Design
and Manufacture operations and our Packaging Distribution business
to create both sales and cost synergies;
-- Ensure the cost saving actions in 2020 return the Design and
Manufacture business to profitability in 2021;
-- Accelerate the Reseal-it growth momentum through improved
geographic penetration, extending the product range and introducing
Reseal-it to new product sectors; and
-- Secure efficiency benefits from the additional labels
printing capacity in our Kilmarnock site.
2021 Outlook
The impact of Covid-19 will remain for some time. However,
Macfarlane Group has demonstrated its resilience in 2020 and is
well positioned to benefit when the UK economy begins to recover.
We have a strong financial position, a diverse customer base, added
value customer propositions, a successful acquisition track record
and experienced, high quality people.
In 2021 we will continue to add value for our protective
packaging customers through our Significant Six sales approach and
support them to reduce cost in their packaging operations and
achieve their sustainability objectives. Our sales focus will be on
sectors such as e-commerce, which have strong growth potential, and
industrial sectors where we can add value through our sales
approach and national network of RDCs. We will respond to customers
looking to consolidate their purchasing through our European
"Follow the Customer" strategy.
In 2021, we plan to acquire further good quality protective
packaging businesses, improve penetration of new products
introduced by recent acquisitions, continue to develop our
partnerships with strategic suppliers and invest in new technology
to improve operational efficiency and sales effectiveness.
Macfarlane Group's businesses all have strong market positions
with differentiated product and service offerings. We have a
flexible business model and a clear strategic plan incorporating a
range of actions, which are being effectively implemented. This has
been reflected in consistent profit growth in the ten years to 2019
and in the most difficult circumstances profits have increased
again in 2020.
Our future performance is largely dependent on the successful
execution of actions to grow sales, increase efficiencies and bring
high-quality acquisitions into the Group. Despite the continuing
challenges from the Covid-19 pandemic, our strategy and business
model have proved resilient. We expect 2021 to be a year of
progress for Macfarlane Group.
BUSINESS REVIEW
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Group and the
factors mitigating these risks are detailed on the following
pages.
Response to the Covid-19 pandemic ("Covid-19")
The Group's response to Covid-19 has focused on the safety and
wellbeing of our people, protecting our financial position and
limiting the interruption of service to our customers.
Whilst we have not classified Covid-19 as a separate principal
risk due to its pervasive effect across all of the principal risks
and uncertainties shown below, specific uncertainties arising from
the pandemic include:
-- Fluctuations in demand across our customer base. Some key
markets may not fully recover for a significant period of time.
-- Potential deterioration in cash flow of reduced demand from
customers and recoverability of trade receivables.
-- Uncertainty about the duration of disruption, the potential
for further outbreaks and the consequential impact on demand levels
caused by continued public health measures necessary to control the
spread of the disease, including periods of lockdowns.
-- Delay and difficulties in sourcing inventory and raw
materials due to the disruption of suppliers' production.
-- Uncertainty regarding the speed and extent to which the
economy and in particular the key market sectors relevant to the
Group's business and growth, recover.
Accordingly Covid-19 is built into our assessment of certain
specific risks below.
Response to Brexit
A new trading arrangement was concluded between the UK and the
EU in December 2020. Based on our earlier impact analysis, the
Group's view is that this trading arrangement should not have a
significant impact on our supply costs. However, we shall continue
to monitor and mitigate any disruption to our supply chain for EU
sourced products.
The principal risks and uncertainties are detailed on the
following pages. These risks are complemented by an overall
governance framework including clear and delegated authorities,
business performance monitoring and appropriate insurance cover for
a wide range of potential risks. There is a dependence on good
quality local management, which is supported by an investment in
training and development and ongoing performance evaluation.
We continue to evolve our risk management processes to ensure
they are robust, effective and integrated within our
decision-making processes. Two additional risks have been
highlighted in the current year partly as a consequence of the
Covid-19 pandemic on strategic changes to the market generally and
the increasing potential for cyber-security attacks. We have also
included a brief description of how we assess that each risk level
has changed during 2020. For risks shown as [ ç è ] the risk level
broadly similar between 2020 and 2019. If the risk is shown as [ é
ê ] the risk has increased or decreased respectively during
2020.
Risk Description Mitigating Factors C hange in Risk Level
Strategic changes The Group has a well-diversified Increased risk é
in the market customer base giving The Group's supply
(New Risk in 2020) protection from changes chain in 2020 has
Failure to respond in specific industry proved resilient and
to strategic shifts sectors as well as a robust despite the
in the market, including flexible business model disruptive impact
the knock-on impact and strong value proposition of Covid-19.
of weaknesses in the enabling it to meet In 2020 the Group
economy as well as the changing needs of experienced w eaker
disruptive behaviour customers. demand from customers
from competitors and The Group strives to in aerospace, high
changing customer maintain high service street retail, automotive
needs (e.g. the move levels for customers and a number of other
towards online retail) ensuring that customer industrial sectors
could limit the Group's needs are met, despite . However, this has
ability to continue the reduction in contact been offset by growth
to grow revenues. during 2020. The Group in the e-commerce
continues to invest and medical sectors
in electronic trading .
platforms, to further
enhance its service
offering.
The Group maintains
strong partnerships
with key suppliers,
to ensure that a broad
range of products is
available to customers
to respond to their
requirements including
any changes in their
environmental and sustainability
concerns.
---------------------------------- --------------------------------
Raw material prices The Group works closely Increased risk é
The Group's businesses with its supplier and Whilst gross margins
are impacted by commodity-based customer base to manage have remained strong
raw material prices effectively the scale in 2020, with increased
and manufacturer energy and timing of these demand from internet
costs, with profitability price changes and any retail, recovery of
sensitive to input resultant impact on some sectors that
price changes including profit. have experienced reduced
currency fluctuations. Our IT systems monitor demand during Covid-19
The principal components and measure effectiveness and Brexit stock building
are corrugated paper, in these changes. it is anticipated
polythene films, timber Where possible, alternative that the Group will
and foam, with changes supplier relationships experience inflationary
to paper and oil prices are maintained to minimise pricing pressures
having a direct impact supplier dependency. in 2021, including
on the price we pay We work with customers increased administration
to our suppliers. to redesign packs and costs and tariffs
reduce packing cost for products sourced
to mitigate the impact from the EU.
of cost increases.
---------------------------------- --------------------------------
Decentralised structure The Group ensures that No change ç
In Packaging Distribution, our staff have the right è
the business model working environment, The implementation
reflects a decentralised information and sales of our Covid-19 mitigations
approach with a dependency tools to enable them resulted in a high
on effective local to meet corporate objectives. proportion of our
decision-making. There A comprehensive management employees working
is a risk that the information system is remotely, further
decentralised management maintained with key increasing pressure
control is less effective performance indicators on local decision-making.
and local decisions monitored and actions Virtual conferencing
may not always meet taken when required. technology has enabled
overall corporate Significant investment the Group to improve
objectives has been made in 2020 the quality, consistency
and further investment and frequency of engagement
is planned in 2021 to with managers and
provide the technology employees. This has
to our employees to contributed to the
work remotely while speed and effectiveness
enhancing the quality of implementing key
of communication with actions during 2020.
fellow employees, customers
and supplier.
---------------------------------- --------------------------------
Property The Group adopts a proactive Reduced risk ê
Given the multi-site approach to managing Our property consolidation
nature of its business, property costs and exposures. strategy has continued
the Group has a property Where a site is non-operational during 2020 and work
portfolio comprising the Group seeks to assign, is ongoing to finalise
3 owned sites and sell or sub-lease the exit costs on expiry
34 leased sites. This building to mitigate for two long-term
portfolio gives rise the financial impact. leases, which had
to risks in relation If this is not possible, been sub-let. Provisions
to ongoing lease costs, rental voids are provided have been established
dilapidations and on vacant properties to cover the anticipated
fluctuations in value. taking into consideration exit costs.
the likely period of The Group currently
vacancy and incentives has no vacant or sub-let
to re-let. properties.
---------------------------------- --------------------------------
Cyber Security The Group continually Increased risk é
(New Risk in 2020) invests in its IT infrastructure We have increased
The increasing frequency to protect against cyber our reliance on remote
and sophistication security threats. This working which increases
of cyber-attacks is includes regular testing the number of points
a risk which potentially of IT Disaster Recovery from which attacks
threatens the confidentiality, Plans. could originate.
integrity and availability We also engage the services The frequency and
of the Group's data of a Cyber Security sophistication of
and IT systems. These partner to perform regular cyber-attacks generally
attacks could also penetration tests and has increased as a
cause reputational assess potential vulnerabilities result of Covid-19.
damage and fines in within our security
the event of personal arrangements.
data being compromised. This is complemented
by a program of cyber
security awareness training
to ensure that all staff
are aware of the potential
threats caused by deliberate
and unauthorised attempts
to gain access to our
systems and data.
---------------------------------- --------------------------------
Financial liquidity, The Group's borrowing Reduced risk ê
debt covenants and facility comprises a The Group has proved
interest rates committed facility of to be strongly cash
The Group needs continuous GBP30 million with Lloyds generative in 2020
access to funding Bank PLC, which finances and has operated well
to meet its trading our trading requirements within its existing
obligations and to and supports controlled bank facilities throughout
support organic growth expansion, providing the year.
and acquisitions. a medium-term funding At the start of 2021,
There is a risk that platform for growth. the GBP30 million
the Group may be unable The Group regularly committed facility
to obtain funds and monitors net bank debt with Lloyds Banking
that such funds will and forecast cash flows Group PLC was extended
only be available to ensure that it will until December 2025.
on unfavourable terms. be able to meet its
The Group's borrowing financial obligations
facility comprises as they fall due.
a committed facility Compliance with covenants
of up to GBP30 million. is monitored on a monthly
This includes requirements basis and sensitivity
to comply with specified analysis is applied
covenants, with a to forecasts to assess
breach potentially the impact on covenant
resulting in Group compliance.
borrowings being subject
to onerous conditions.
---------------------------------- --------------------------------
Working capital Credit risk is controlled Increased risk é
The Group has a significant by applying rigour to The impact of Covid-19
investment in working the management of trade resulted in increased
capital in the form receivables by our Credit bad debts write-offs
of trade receivables Manager and the credit in 2020 with some
and inventories. There control team and is customers experiencing
is a risk that this subject to additional cash flow difficulties.
investment is not scrutiny from the Group The Expected Credit
fully recovered. Finance Director. Loss allowance has
Inventory levels and been increased accordingly.
order patterns are regularly Aged stock over 6
reviewed and risks arising months old has increased
from holding bespoke reflecting the slower
stocks are managed by movement of older
obtaining order cover bespoke stocks particularly
from customers. to customers experiencing
reduced demand. Provisioning
levels have been increased
accordingly.
---------------------------------- --------------------------------
Acquisitions The Group carefully reviews No change ç
The Group's growth potential acquisition è
strategy includes targets, ensuring that The Group has made
acquisitions as demonstrated the focus is on high-quality 12 acquisitions since
in recent years. There businesses which complement 2014, including one
is a risk that such the existing Group profile in 2020, all of which
acquisitions may not and provide opportunities continue to perform
be available on acceptable for growth. well. The Group has
terms in the future. Having completed a number well-established due
It is also possible of acquisitions in recent diligence and integration
that acquisitions years, the Group has processes while only
will not succeed due well-established due acquiring well established
to the loss of key diligence and integration quality businesses
people or customers processes and procedures. which will perform
following acquisition The Group has a comprehensive well in the Group.
or the acquired business management information
not performing at system to enable effective
the level expected. monitoring of post-acquisition
This could potentially performance.
lead to an impairment Earn-out mechanisms also
in the carrying value mitigate risk in the
of the related goodwill post-acquisition period.
and other intangible Goodwill and other intangible
assets. assets are tested annually
Execution risks around for impairment with no
the failure to successfully impairment required in
integrate the acquired 2020.
business following
conclusion of the
earn-out period also
exist.
------------------------------------ --------------------------------
Defined benefit pension The scheme was closed Reduced risk ê
scheme to new members in 2002. The IAS 19 valuation
The Group's defined Benefits for active members of the Group's defined
benefit pension scheme were amended by freezing benefit pension scheme
is sensitive to a pensionable salaries as at 31 December
number of key factors at April 2009 levels. 2020 estimated the
including investment A Pension Increase Exchange scheme deficit to
returns, the discount option is available to be GBP1.5m, a decrease
rates used to calculate offer flexibility to of GBP5.0m during
the scheme's liabilities new pensioners in the 2020.
and mortality assumptions. current level of pension Deficit repair contributions
Small changes in these benefits and the rate will decrease from
assumptions could of future increases. GBP3.1 million in
cause significant The Group makes Deficit 2020 to GBP1.3 million
movements in the pension Reduction Contributions from 1 May 2021 following
deficit. each year. the actuarial valuation
The investment profile at 1 May 2020. This
is regularly reviewed reflects continued
to ensure continued matching progress in reducing
of investments with the the deficit.
scheme's liability profile.
------------------------------------ --------------------------------
There are a number of other risks that we manage which are not
considered key risks. In addition, the Group is subject to the
impact of general economic conditions including any economic
uncertainty, the competitive environment, compliance with
legislation and risks associated with business continuity. These
are mitigated in ways common to all businesses and not specific to
Macfarlane Group.
BUSINESS REVIEW
Viability statement
The Board is required to formally assess that the Group has
adequate resources to continue in operational existence for the
foreseeable future and as such can continue to adopt the Going
Concern basis of accounting. The Board is also required to state
that it has a reasonable expectation that the Group will continue
in operation and meet its longer-term liabilities as they fall
due.
To support this statement, the Board is required to consider the
Group's current financial position, its strategy, the market
outlook and its principal risks. The Board's assessment of the
principal risks facing the Group and how these risks affect the
Group's prospects are set out on pages 10 to 14. The review also
includes consideration of how these risks could prevent the Group
from achieving its strategic plan and the potential impact these
risks could have on the Group's business model, future performance,
solvency and liquidity over the next three years.
The Board considers the Group's viability as part of its ongoing
programme to manage risk. Each year the Board reviews the Group's
strategic plan for the forthcoming three-year period and challenges
the Executive team on the plan's risks. The plan reflects the
Group's businesses, which have a broad spread of customers across a
range of different sectors with some longer-term contracts in
place. The assessment period of three years is consistent with the
Board's review of the Group strategy, including assumptions around
future growth rates for our business and acceptable levels of
performance.
Financial modelling and scenarios
The Group's existing bank facilities comprise a GBP30 million
committed facility with Lloyds Banking Group, which is available
until December 2025. The Group has performed well during 2020
despite a number of local, regional and national lockdowns as a
consequence of the Covid-19 pandemic, which gives confidence in the
strength of the underlying business model. The Directors have also
considered the longer-term economic outlook for the UK, including
the potential impact of a prolonged recession, given the uncertain
economic environment. Given the current uncertainty of the economic
outlook due to the Covid-19 pandemic, we have modelled a 'severe
but plausible downside' scenario as described below. In forming
conclusions, the Directors have also considered potential
mitigating actions that the Group could take to preserve liquidity
and ensure compliance with its financial covenants.
A detailed financial model covering a three-year period is
maintained and regularly updated. This model enables sensitivity
analysis, which includes flexing the main assumptions, including
future revenue growth, gross margins, operating costs, finance
costs and working capital management. The results of flexing these
assumptions, both individually and in aggregate, are used to
determine whether additional bank facilities will be required
during the three-year period and whether the Group will remain in
compliance with the covenants relating to the current facility.
We have modelled a range of scenarios, including a central case,
a downside scenario, a severe but plausible downside and a reverse
stress test, over the three-year horizon. The 'severe but plausible
downside' scenario is conservative in assuming, compared to the
central case, revenue reductions of 5% and gross margin reductions
at the rate of 2.0% in each of the three years, with no reduction
in costs. Even under this scenario, and before reflecting any
mitigating actions available to Group management, the Group would
forecast compliance with all financial covenants not require any
additional financing.
As a result of the uncertainties due to the Covid-19 pandemic,
the Group has also modelled a reverse stress test scenario. This
models the decline in sales that the Group would be able to absorb
before breaching any financial covenants. Such a scenario, and the
sequence of events that could lead to it, is considered to be
remote, as it requires sales reductions of c.12.5% per annum
between 2021 and 2023 compared to the central case, before there is
a breach financial covenants in the period under review and is
calculated before reflecting any mitigating actions.
Even in the severe but plausible scenario, Macfarlane Group is
forecast to have sufficient liquidity to continue trading,
comfortably meeting its financial covenants and operating within
the level of its facilities for the foreseeable future. The reverse
stress test modelling has shown that a c.24% reduction in sales in
2021 compared to 2020 could lead to a breach of covenants in the
period under review. However, in this scenario, management would
also be able to take mitigating actions similar to those outlined
in our Covid-19 update on page 3.
Conclusions
For this reason, the Board considers it appropriate for the
Group to adopt the going concern basis in preparing its financial
statements. The Board also has a reasonable expectation that the
Group will continue in operation and meet its longer-term
liabilities as they fall due.
Cautionary Statement
The Chairman's Statement and the Business Review on pages 1 to
15 have been prepared to provide additional information to members
of the Company to assess the Group's strategy and the potential for
the strategy to succeed. It should not be relied on by any other
party or for any other purpose.
This report and the financial statements contain certain
forward-looking statements relating to operations, performance and
financial status. By their nature, such statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors, including both economic and business risk factors that
could cause actual results or developments to differ materially
from those expressed or implied by these forward-looking
statements.
These statements are made by the Directors in good faith based
on the information available to them up to the time of their
approval of this report. Nothing in this Preliminary Announcement
should be construed as a profit forecast or an invitation to deal
in the securities of the Group.
Responsibility Statement of the Directors
The responsibility statement below has been prepared in
connection with the company's full annual report for the year
ending 31 December 2020. Certain parts of the full Annual Report
are not included within this announcement.
The Directors of Macfarlane Group PLC are
S.R. Paterson Chairman
P.D. Atkinson Chief Executive
I. Gray Finance Director
J. Love Executive Director
R. McLellan Non-Executive Director and Senior Independent Director
J.W.F. Baird Non-Executive Director
A.M. Dunstan Non-Executive Director
To the best of the knowledge of the Directors (whose names and
functions are set out above), the financial statements, prepared in
accordance with International Financial Reporting Standards, give a
true and fair view of the assets, liabilities, financial position
and profit for the Company and the undertakings included in the
consolidation taken as a whole;
The Strategic Report, incorporated into the Directors' Report in
the Annual Report, includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face; and
Pursuant to Disclosure and Transparency Rules, Chapter 4, the
directors consider that the Company's annual report and financial
statement, taken as a whole, are fair, balanced and understandable
and provide information necessary for the shareholders to assess
the Company's and the Group's position and performance, business
model and strategy.
Peter Atkinson Ivor Gray
Chief Executive Finance Director
25 February 2021 25 February 2021
Macfarlane Group PLC
Consolidated income statement
For the year ended 31 December 2020
Restated*
Note 2020 2019
GBP000 GBP000
Revenue 3 230,029 225,246
Cost of sales (153,483) (153,256)
Gross profit 76,546 71,990
Distribution costs (8,429) (8,441)
Administrative expenses (53,748) (50,062)
Operating profit 3 14,369 13,487
Finance costs 4 (1,367) (1,625)
Profit before tax 13,002 11,862
Tax 5 (2,831) (2,262)
Profit for the year 7 10,171 9,600
Earnings per share
Basic 7 6.45p 6.09p
Diluted 7 6.42p 6.07p
Consolidated statement of comprehensive income
For the year ended 31 December 2020
Restated*
2020 2019
Note GBP000 GBP000
Items that may be reclassified to profit
or loss
Foreign currency translation differences
- foreign operations 60 (62)
Items that will not be reclassified to
profit or loss
Remeasurement of pension scheme liability 10 2,112 537
Tax recognised in other comprehensive income
Tax on remeasurement of pension scheme
liability 11 (401) (92)
Corporation tax rate change on deferred
tax 129 -
Other comprehensive income for the year,
net of tax 1,900 383
Profit for the year 10,171 9,600
Total comprehensive income for the year 12,071 9,983
* Details of the restatements are set out on pages 21 and 22.
Macfarlane Group PLC
Consolidated statement of changes in equity
For the year ended 31 December 2020
Restated* Restated*
Share Share Revaluation Translation Retained Total
Capital Premium Reserve Reserve Earnings GBP000
Note GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2019 39,387 12,975 70 293 9,404 62,129
Comprehensive income
Profit for the year - - - - 9,600 9,600
Foreign currency translation
differences - - - (62) - (62)
Remeasurement of pension
liability 10 - - - - 537 537
Tax on remeasurement
of pension liability 11 - - - - (92) (92)
Total comprehensive income - - - (62) 10,045 9.983
Transactions with shareholders
Dividends 6 - - - - (3,689) (3,689)
Credit for share-based
payments - - - - 75 75
Issue of share capital 12 66 173 - - - 239
Total transactions with
shareholders 66 173 - - (3,614) (3,375)
At 31 December 201
9 39,453 13,148 70 231 15,835 68,737
Comprehensive income
Profit for the year - - - - 10,171 10,171
Foreign currency translation
differences - - - 60 - 60
Remeasurement of pension
liability 10 - - - - 2,112 2,112
Tax on remeasurement
of pension liability 11 - - - - (401) (401)
Corporation tax rate
change on deferred tax 11 - - - - 129 129
Total comprehensive income - - - 60 12,011 12,071
Transactions with shareholders
Dividends 6 - - - - (1,105) (1,105)
Credit for share-based
payments - - - - 75 75
Total transactions with
shareholders - - - - (1,030) (1.030)
At 31 December 2020 39,453 13,148 70 291 26,816 79,778
* Details of the restatements are set out on pages 21 and 22.
Macfarlane Group PLC
Consolidated balance sheet at 31 December 2020
Restated*
Note 2020 2019
GBP000 GBP000
Non-current assets
Goodwill and other intangible assets 60,598 62,663
Property, plant and equipment 8,640 9,621
Right of Use assets 28,584 25,855
Other receivables 35 35
Deferred tax assets 11 396 1,224
Total non-current assets 98,253 99,398
Current assets
Inventories 15,858 15,813
Trade and other receivables 51,371 52,044
Cash and cash equivalents 9 7,228 5,579
Total current assets 74,457 73,436
Total assets 3 172,710 172,834
Current liabilities
Trade and other payables 47,755 48,530
Provisions 1,834 660
Current tax payable 1,731 1,084
Lease liabilities 9 5,784 6,321
Bank borrowings 9 7,766 18,253
Total current liabilities 64,870 74,848
Net current assets/(liabilities) 9,587 (1,412)
Non-current liabilities
Retirement benefit obligations 10 1,471 6,465
Deferred tax liabilities 11 3,072 3,116
Trade and other payables 19 22
Provisions 592 -
Lease liabilities 9 22,908 19,646
Total non-current liabilities 28,062 29,249
Total liabilities 3 92,932 104,097
Net assets 79,778 68,737
Equity
Share capital 12 39,453 39,453
Share premium 12 13,148 13,148
Revaluation reserve 70 70
Translation reserve 291 231
Retained earnings 26,816 15,835
Total equity 3 79,778 68,737
* Details of the restatements are set out on pages 21 to 23.
Macfarlane Group PLC
Consolidated cash flow statement
For the year ended 31 December 2020
Restated*
Note 2020 2019
GBP000 GBP000
Profit before tax 13,002 11,862
Adjustments for:
Amortisation of intangible assets 2,520 2,391
Depreciation of property, plant and equipment
and ROU assets 8,459 7,816
Loss on disposal of property, plant and
equipment 30 5
Share-based payments 75 75
Finance costs 1,342 1,606
Operating cash flows before movements
in working capital 25,428 23,755
Decrease in inventories 161 2,006
Decrease in receivables 955 1,178
Increase/(decrease) in payables 965 (1,445)
Increase in provisions 1,766 660
Adjustment for pension scheme funding (2,981) (2,994)
Cash generated by operations 26,294 23,160
Income taxes paid (1,728) (2,288)
Interest paid (1,243) (1,375)
Cash inflow from operating activities 23,323 19,497
Investing activities
Acquisitions, net of cash acquired 8 (2,661) (6,162)
Proceeds on disposal of property, plant
and equipment 102 185
Purchases of property, plant and equipment (804) (2,648)
Cash outflow from investing activities (3,363) (8,625)
Financing activities
Dividends paid 6 (1,105) (3,689)
Repayment on bank borrowing facility (10,225) (742)
Repayments of leases (6,719) (6,699)
Cash outflow from financing activities (18,049) (12,173)
Net increase/(decrease) in cash and cash
equivalents 1,911 (1,301)
Cash and cash equivalents at beginning
of year 3,310 4,611
Cash and cash equivalents at end of year 5,221 3,310
* Details of the restatements are set out on pages 21 to 23.
2020 2019
Reconciliation to consolidated cash flow GBP000 GBP000
statement
Cash and cash equivalents per the consolidation
balance sheet 7,228 5,579
Bank overdraft (2,007) (2,269)
Balances per consolidated cash flow statement 5,221 3,310
Bank overdrafts are included in cash and cash equivalents
because they form an integral part of the Group's cash
management.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
1. General information
The financial information set out herein does not constitute the
Company's statutory accounts as defined in Section 435 of the
Companies Act 2006 and has been extracted from the full statutory
accounts for the years for the years ended 31 December 2020 and
2019.
The financial statements for 2020 were approved by the Board of
Directors on 25 February 2021. The auditor's report on the
statutory financial statements for the year ended 31 December 2020
was unqualified pursuant to Section 498 of the Companies Act 2006
and did not contain a statement under sub-section 498 (2) or (3) of
that Act.
The financial information for 2019 is derived from the statutory
accounts for 2019 which have been delivered to the registrar of
companies. The previous auditor has reported on the 2019 accounts;
their report was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act
2006.
2. Basis of preparation
The Group's business activities, together with the factors
likely to affect its future development, performance and financial
position are set out on pages 1 to 15.
The Group's principal financial risks in the medium term relate
to liquidity and credit risk. Liquidity risk is managed by ensuring
that the Group's day-to-day working capital requirements are met by
having access to committed banking facilities with suitable terms
and conditions to accommodate the requirements of the Group's
operations. Credit risk is managed by applying considerable rigour
in managing the Group's trade receivables. The Directors believe
that the Group is adequately placed to manage its financial risks
effectively, despite any economic uncertainty.
The Group's has a committed borrowing facility of GBP30 million
with Lloyds Banking Group PLC in place until December 2025. The
facility bears interest at normal commercial rates and carries
standard financial covenants in relation to interest cover and
levels of headroom over certain trade receivables of the Group.
The Directors are of the opinion that the Group's cash forecasts
and revenue projections, which they believe are based on prudent
market data and past experience taking account of reasonably
possible changes in trading performance given current market and
economic conditions, show that the Group should be able to operate
within the current facility and comply with its banking covenants.
As a consequence of the Covid-19 pandemic, the Directors have
modelled a range of scenarios, including a central case, a downside
scenario, a severe but plausible downside and a reverse stress
test, over the three-year horizon, as set out in the Viability
statement on page 15.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for at least the next twelve
months. For this reason they continue to adopt the going concern
basis in preparing the financial statements for the year ended 31
December 2020.
Restatement due to prior period adjustments
As part of the Group's preparations to mitigate Brexit-related
risks, the Group undertook an exercise to review duty and tariff
arrangements for all imports and exports to and from all countries,
both within and outwith the EU. This review, which was completed in
December 2020, uncovered one product area in the Manufacturing
Operations segment where the Group, in conjunction with its
customers, had applied an incorrect duty code on certain exported
items. It was confirmed that this error had originated in prior
years. Working with the customers concerned, the Group agreed that
the error should be rectified forthwith and all arrears of duty
including interest, should be paid.
In addition to rectifying the specific error identified, the
Group undertook a further review of all imports and exports to
confirm that there was no risk of any similar instances. This was
concluded satisfactorily, and no other such errors were
identified.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
2. Basis of preparation (continued)
Restatement due to prior period adjustments (continued)
The Group's share of the estimated value of GBP697k after tax
has been fully provided for at 31 December 2020, with GBP534k
recognised as a prior period adjustment being GBP143k deducted from
2019 sales, GBP19k added to interest, GBP31k deducted from the 2019
tax charge and GBP403k relating to earlier years, recorded as a
reduction in Retained earnings at 1 January 2019.
These adjustments have been recognised as prior year errors in
accordance with IAS 8 'Accounting policies, changes in accounting
estimates and errors' within these Financial Statements and
restated accordingly. The impact of the restatements on the
affected primary statement line items is shown in the tables
below.
Restatement in prior As previously Adjustment Adjusted
periods to 31 December reported to retained (2019 impact) As restated
2019 GBP000 earnings GBP000 GBP000
GBP000
Consolidated Income Statement
Revenue 225,389 (143) 225,246
Gross Profit 72,133 (143) 71,990
Operating profit 13,630 (143) 13,487
Finance costs (1,606) (19) (1,625)
Profit before tax 12,024 (162) 11,862
Tax (2,293) 31 (2,262)
Profit for the year 9,731 (131) 9,600
Consolidated Statement of Other Comprehensive Income
Profit for the year 9,731 (131) 9,600
Total comprehensive
income for the year 10,114 (131) 9,983
Consolidated Balance Sheet
Provisions - (498) (162) (660)
Deferred tax
liabilities (3,242) 95 31 (3,116)
Net Assets 69,271 (403) (131) 68,737
Retained earnings 16,369 (403) (131) 15,835
Total Equity 69,271 (403) (131) 68,737
Consolidated Cash Flow
Profit before tax 12,024 (162) 11,862
Operating cash flows
before movements
in working capital 23,917 (162) 23,755
Decrease in payables (947) 162 (785)
Cash generated from
operations 23,160 - 23,160
Consolidated Statement of Changes in Equity
At 1 January 2019 9,807 (403) 9,404
Profit for the Year 9,731 (131) 9,600
At 31 December 2019 16,369 (403) (131) 15,835
All headings and numbers throughout the Report and Financial
Statements that are marked as "Restated"" reflect the restatements
for these prior period adjustments as set out above. All
restatements relate to the Manufacturing Operations segment.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
2. Basis of preparation (continued)
Restatement due to prior period adjustments (continued)
In addition the Group has previously offset certain cash
balances against bank borrowings which, whilst in line with the
Group's legal right of offset, did not reflect any short-term
intention to offset the liabilities after the balance sheet dates
as required by IAS 32. Accordingly, GBP2,269k has been added to
cash balances and bank borrowings respectively in 2019. There has
been no impact on the income statement or on net assets.
Key sources of estimation uncertainty
The preparation of financial statements requires management to
make estimates and assumptions that affect the amounts reported for
assets and liabilities as at the balance sheet date and the amounts
reported for revenues and expenses during the year. Due to the
nature of estimation, the actual outcomes may well differ from
these estimates. No significant judgements have been made in the
current or prior year.
The key sources of estimation uncertainty that have a
significant effect on the carrying amounts of assets and
liabilities are discussed below:
Retirement benefit obligations
The determination of any defined benefit pension scheme
liability is based on assumptions determined with independent
actuarial advice. The key assumptions used include discount rate,
inflation rate and mortality assumptions, for which a sensitivity
analysis is provided in Note 10. The directors consider that those
sensitivities represent reasonable sensitivities which could occur
in the next financial year.
Valuation of trade receivables
The provision held against trade receivables is based on
applying an expected credit loss model and related estimates of
recoverable amounts. Whilst every attempt is made to ensure that
the provision held against doubtful trade receivables is as
accurate as possible, there remains a risk that the provision may
not match the level of debt, which ultimately proves uncollectable.
For illustration only an increase in the average default rate of
overdue trade receivables from 0.97% to 2.35% above the historic
loss rates observed would lead to an increase of GBP650,000 in the
provision required.
3. Segmental information
The Group's principal business segment is Packaging
Distribution, comprising the distribution of packaging materials
and supply of storage and warehousing services in the UK. This
comprises over 88% of Group revenue and 97% of Group profit. The
Group's Manufacturing Operations segment comprises the design,
manufacture and assembly of timber, corrugated and foam-based
packaging materials in the UK, the design, manufacture and supply
of self-adhesive labels to a variety of FMCG customers in the UK
& Europe and the design, manufacture and supply of resealable
labels to a variety of FMCG customers in the UK, Europe and the
USA. None of the individual business segments within Manufacturing
Operations represents more than 10% of Group revenue or profit.
Restated*
2020 2019
GBP000 GBP000
Group segment - total revenue
Packaging Distribution 201,739 196,706
Manufacturing Operations 33,543 33,873
Inter-segment revenue Manufacturing Operations (5,253) (5,333)
External revenue 230,029 225,246
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
3. Segmental information (continued)
Restated*
2020 2019
GBP000 GBP000
Operating profit
Packaging Distribution 13,988 12,406
Manufacturing Operations 381 1,081
Operating profit 14,369 13,487
Finance costs (1,367) (1,625)
Profit before tax 13,002 11,862
Tax (2,831) (2,262)
Profit for the year 10,171 9,600
Assets Liabilities Net assets
GBP000 GBP000 GBP000
Group segments
Packaging Distribution 152,272 (80,476) 71,796
Manufacturing Operations 20,438 (12,456) 7,982
Net assets 2020 172,710 (92,932) 79,778
Liabilities Restated*
Assets Net assets
GBP000 GBP000 GBP000
Packaging Distribution 153,384 (92,777) 60,607
Manufacturing Operations 19,450 (11,320) 8,130
Net assets 2019 172,834 (104,097) 68,737
2020 2019
GBP000 GBP000
Packaging Distribution
Revenue 201,739 196,706
Cost of sales (136,177) (135,525)
Gross profit 65,562 61,181
Net operating expenses (51,574) (48,775)
Operating profit 13,988 12,406
Manufacturing Operations Restated*
2020 2019
GBP000 GBP000
Revenue 33,543 33,873
Cost of sales (22,559) (23,064)
Gross profit 10,984 10,809
Net operating expenses (10,603) (9,728)
Operating profit 381 1,081
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
4. Finance costs Restated*
2020 2019
GBP000 GBP000
Interest on bank borrowings 482 573
Interest on leases 761 802
Net interest expense on retirement benefit obligation
(see note 10) 99 231
Other interest 25 19
Total finance costs 1,367 1,625
5. Tax Restated*
2020 2019
GBP000 GBP000
Current tax
United Kingdom corporation tax at 19.0% 2,343 2,057
Foreign tax 121 104
Adjustments in respect of prior years (90) (53)
Total current tax 2,374 2,108
Deferred tax
Current year 457 154
Total deferred tax (see note 11) 457 154
Total tax charge 2,831 2,262
The standard rate of tax based on the UK average rate of
corporation tax is 19.0%. Taxation for other jurisdictions is
calculated at the rates prevailing in these jurisdictions.
The actual tax charge for the current and previous year varies
from the standard rate of tax on the results in the consolidated
income statement for the reasons set out in the following
reconciliation:-
Restated*
2020 2019
GBP000 GBP000
Profit before tax 13,002 11,862
Tax on profit at 19.0% 2,470 2,254
Factors affecting tax charge for the year:-
Change in rate for deferred tax from 17% to 19% 367 -
Non-deductible expenses 107 47
Difference on overseas tax rates (18) 14
Utilisation of tax losses not previously recognised (58) -
Changes in estimates related to prior years (37) (53)
Tax charge for the year 2,831 2,262
Effective rate of tax for the year 21.8% 19.1%
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
6. Dividends 2020 2019
GBP000 GBP000
Amounts recognised as distributions to equity
holders in the year:
Final dividend for the year ended 31 December 2019
of Nil per share (2018 - 1. 65p per share) - 2,600
Interim dividend for the year ended 31 December
2020 of 0.70p per share (2019 - 0.69p per share) 1,105 1,089
1,105 3,689
A proposed dividend of 1.85p per share will be paid on 3 June
2021 to those shareholders on the register at 14 May 2021. This is
subject to approval by shareholders at the Annual General Meeting
on 11 May 2021 and therefore has not been included as a liability
in these financial statements.
7. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Restated*
2020 2019
GBP000 GBP000
Earnings for the purposes of earnings per share
Profit for the year 10,171 9,600
Number of shares in issue for the purposes of calculating 2020 2019
basic and diluted earnings per share No. of No. of
shares shares
'000 '000
Weighted average number of shares in issue for
the
purposes of basic earnings per share
Weighted average number of shares in issue 157,812 157,636
Effect of Long-Term Incentive Plan awards in issue 703 393
Weighted average number of shares in issue for
the purposes of calculating diluted earnings per
share 158,515 158,029
Basic Earnings per share 6.45p 6.09p
Diluted Earnings per share 6.42p 6.07p
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
8. Acquisitions
On 6 January 2020, the Group's subsidiary, MGUK acquired the
business trade and assets of Armagrip, a packaging distributor
based in Co. Durham, for a consideration of approximately GBP0.9
million, paid in cash on acquisition. The business achieved sales
of GBP1.2 million and a profit of GBP0.1 million in 2020.
In 2019, MGUK acquired 100% of Carnweather Limited, the parent
company of Ecopac, for a maximum consideration of GBP3.9 million.
GBP3.1 million was paid in cash on acquisition, with the deferred
consideration of GBP0.8 million paid in 2020, as trading targets
following acquisition were met in full.
In 2019 the Group also acquired 100% of Leyland, for a maximum
consideration of GBP3.25 million. GBP2.00 million was paid in cash
on acquisition with shares to the value of GBP0.25 million issued
to the Vendors on acquisition Deferred consideration of GBP0.97
million was paid in 2020, reflecting the results in the trading
period after acquisition.
All the businesses detailed above are part of the Packaging
Distribution segment. Goodwill arising on the acquisitions is
attributable to the anticipated future profitability of the
distribution of Group product ranges and anticipated operating
synergies from future combinations of activities in the Packaging
Distribution network.
Fair values assigned to net assets acquired and consideration
paid and payable are set out below.
Previous
years'
Armagrip acquisitions 2020 2019
GBP000 GBP000 GBP000 GBP000
Net assets acquired
Other intangible assets 291 - 291 3,313
Property, plant and equipment - - - 1,194
Inventories 206 - 206 879
Trade and other receivables 282 - 282 1,797
Cash and bank balances - - - 100
Trade and other payables - - - (1,658)
Current tax liabilities - - - (235)
Lease liabilities - - - (979)
Deferred tax liabilities (see note
11) (55) - (55) (599)
Net assets acquired 724 - 724 3,812
Goodwill arising on acquisition 164 - 164 3,093
Total consideration 888 - 888 6,905
Contingent consideration on acquisitions
Current year - - - (1,600)
Prior years - 1,773 1,773 1,207
Shares issued - - - (250)
Cash consideration 888 1,773 2,661 6,262
Net cash outflow arising on acquisition
Cash consideration (888) (1,773) (2,661) (6,262)
Cash and bank balances acquired - - - 100
Net cash outflow (888) (1,773) (2,661) (6,162)
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
9. Analysis of changes in net debt
Restated* Restated*
Cash &cash Bank Lease Total
equivalents borrowing Liabilities Debt
GBP000 GBP000 GBP000 GBP000
At 1 January 2020 (as previously
stated) 3,310 (15,984) (25,967) (38,641)
Restatement (see page 23) 2,269 (2,269) - -
At 1 January 2020 (restated) 5,579 (18,253) (25,967) (38,641)
Cash movements 1,649 10,487 6,719 18,855
Non-cash movements
New leases - - (1,959) (1,959)
Lease Modifications - - (7,485) (7,485)
At 31 December 2020 7,228 (7,766) (28,692) (29,230)
Net bank debt 2020 7,228 (7,766) (538)
Net bank debt 2019 5,579 (18,253) (12,674)
Cash and cash equivalents (which are presented as a single class
of asset on the face of the balance sheet) comprise cash at bank
and other short-term highly liquid investments with maturity of
three months or less.
10. Pension scheme
Macfarlane Group PLC sponsors a defined benefit pension scheme
for certain active and former UK employees - the Macfarlane Group
PLC Pension & Life Assurance Scheme (1974) ("the scheme").
The scheme is administered by a separate Board of Trustees
composed of employer nominated representatives and member nominated
Trustees and is legally separate from the Group. The assets of the
scheme are held separately from those of the Group in managed funds
under the supervision of the Trustees. The Trustees are required by
law to act in the interest of all classes of beneficiary in the
scheme and are responsible for investment policy and the day-to-day
administration of benefits. The scheme was closed to new entrants
during 2002.
The scheme provides qualifying employees with an annual pension
of 1/60 of pensionable salary for each completed year's service on
attainment of a normal retirement age of 65. Pensionable salaries
were frozen for the remaining active members at the levels current
at 30 April 2009 with the change taking effect from 30 April 2010
and as a result no further salary inflation applies for active
members who remained in the scheme. Active members' benefits also
include life assurance cover, albeit the payment of these benefits
is at the discretion of the scheme's Trustees.
On withdrawing from active service a deferred member's pension
is revalued from the time of withdrawal until the pension is drawn.
Revaluation in deferment is statutory and since 2010 has been
revalued on the Consumer Price Index ("CPI") measure of inflation.
Revaluation of pensions in payment is a blend of fixed increases
and inflationary increases depending on the relevant periods of
accrual of benefit. For pensions in payment, the inflationary
increase is currently based on the Retail Price Index ("RPI")
measure of inflation or based on Limited Price Indexation ("LPI")
for certain defined periods of service.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
10. Pension scheme (continued)
During 2012, Macfarlane Group PLC agreed with the Board of
Trustees to amend benefits for pensioner, deferred and active
members in the defined benefit pension scheme by offering a Pension
Increase Exchange ("PIE") option for deferred and active members at
retirement after 1 May 2012.
Balance sheet disclosures
The fair value of scheme investments, the present value of
scheme liabilities and expected rates of return are based on the
provisional results of the actuarial valuation as at 1 May 2020,
updated to the year-end.
2020 2019
GBP000 GBP000
Investment class
Equities 22,936 22,139
Multi-asset diversified funds 31,559 25,382
Liability-driven investment funds 31,463 27,688
Secured property income fund 6,254 6,192
European loan fund 6,493 6,379
Other (cash and similar assets) 725 281
Fair value of scheme investments 99,430 88,061
Present value of scheme liabilities (100,901) (94,526)
Scheme deficit (1,471) (6,465)
The Trustees review the investments of the scheme on a regular
basis and consult with the Company regarding any proposed changes
to the investment profile. Liability-Driven Investment Funds are
intended to provide a match of 100% against the impact of movements
in inflation on pension liabilities and a match of 85% against the
impact of movements in interest-rates on pension liabilities.
During 2020 adjustments were made between investments to bring the
overall allocations into line with the Trustees' strategic asset
allocation.
The ability to realise the Scheme's investments at, or close to,
fair value was considered when setting the investment strategy. 87%
(2019: 86%) of the Scheme's investments can be realised at fair
value on a daily or weekly basis. The remaining assets have monthly
or quarterly liquidity, however, whilst the income from these helps
to meet the Scheme's cash flow needs, they are not expected to
require to be realised at short notice .
The present value of the scheme liabilities is derived from cash
flow projections over a long period of time and is thus inherently
uncertain.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
10. Pension scheme (continued)
The scheme's liabilities were calculated on the following bases
as required under IAS 19:
Assumptions 2020 2019
Discount rate 1.35% 2.00%
Rate of increase in salaries 0.00% 0.00%
Inflation assumption (RPI) 3.00% 3.00%
Inflation assumption (CPI) 2.50% 2.10%
Life expectancy beyond normal retirement age of 65
Male currently aged 55 (years) 22.6 22.6
Female currently aged 55 (years) 24.3 24.7
Male currently aged 65 (years) 22.2 22.0
Female currently aged 65 (years) 23.5 24.0
Following the Lloyds Banking Group plc court case in December
2020, schemes are required to retrospectively adjust certain
transfer values between 1990 and 2020 for GMP equalisation. The
estimated cost of this adjustment in GBP87,000 and has been charge
against the results for the year.
2020 2019
Movement in scheme deficit GBP000 GBP000
At 1 January (6,465) (9,765)
Current service costs (143) (112)
Past service costs for GMP equalisation (87) -
Employer contributions 3,211 3,106
Net finance cost (see note 4) (99) (231)
Remeasurement of pension scheme liability 2,112 537
At 31 December (1,471) (6,465)
Funding
UK pension legislation requires that pension schemes are funded
prudently. Following the triennial actuarial valuation of the
scheme at 1 May 2020, the Company agreed a new schedule of
contributions with the Pension Scheme Trustees, which assumed a
recovery plan period of 4 years. The next triennial actuarial
valuation is due at 1 May 2023.
Sensitivity to key assumptions
The key assumptions used for IAS 19 are discount rate, inflation
and mortality. If different assumptions were used, then this could
have a material effect on the results disclosed. Assuming all other
assumptions are held static then a movement in the following key
assumptions would affect the level of the deficit as shown
below:-
2020 2019
Assumptions GBP000 GBP000
Discount rate movement of +0.6% 9,684 9,072
Inflation rate movement of +0.1% (515) (482)
Mortality movement of +0.1 year in age
rating 303 284
Positive figures reflect a reduction in the scheme liabilities
and therefore a reduction in the scheme deficit. The sensitivity
information has been prepared using the same method as adopted when
adjusting the results of the latest funding valuation to the
balance sheet date and is consistent with the approach adopted in
previous years.
The sensitivities shown reflect average movements in the
assumptions in the last three years. All information assumes that
the average duration of Scheme liabilities is seventeen years.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
11. Deferred tax Restated*
2020 2019
GBP000 GBP000
At 1 January (1,892) (1,047)
Acquisitions (55) (599)
Charged in income statement (see note 5) (457) (154)
(Charged)/credited in other comprehensive
income
Remeasurement of pension scheme liability (401) (92)
Corporation tax rate change 129 -
At 31 December (2,676) (1,892)
Deferred tax assets
On retirement benefit obligations 279 1,099
Corporation tax losses 117 125
Disclosed as deferred tax assets 396 1,224
Deferred tax liabilities
On accelerated capital allowances/timing
differences (196) (165)
On other intangible assets (2,876) (2,951)
Disclosed as deferred tax liabilities (3,072) (3,116)
At 31 December (2,676) (1,892)
*Details of the restatements are set out on pages 21 and 22.
12. Share capital 2020 2019
GBP000 GBP000
Allotted, issued and fully paid:
At 1 January 39,453 39,387
Issued during the year - 66
At 31 December 39,453 39,453
Share premium
At 1 January 13,148 12,975
Issue of new shares during the year - 184
Expenses of share issue - (11)
At 31 December 13,148 13,148
The Company has one class of ordinary shares of 25p each, which
carry no right to fixed income. Each ordinary share carries one
vote in any General Meeting of the Company.
On 5 September 2019, the Company issued 264,382 ordinary shares
of 25p each at a value of 94.56p per share as non-cash
consideration to the Vendors of Leyland Packaging Company (Lancs)
Limited, an effective value of GBP250,000. The shares were admitted
to the Official List of the London Stock Exchange on 5 September
2019.
Macfarlane Group PLC
Notes to the financial information
For the year ended 31 December 2020
13. Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed.
Details of individual and collective remuneration of the
Company's Directors and dividends received by the Directors for
calendar year 2020 will be disclosed in the Group's 2020 Annual
Report and Accounts.
The directors are satisfied that there are no other related
party transactions occurring during the year which require
disclosure.
14. Post balance sheet events
There are no post balance sheet events to be disclosed.
15. Posting to shareholders and Annual General Meeting
The Annual Report and Accounts will be sent to shareholders on
Friday 2 April 2021 and will be available to members of the public
at the Company's Registered Office from Friday 23 April 2021.
The Annual General Meeting will take place at 12 noon on Tuesday
11 May 2021.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR SEFEDLEFSEEE
(END) Dow Jones Newswires
February 25, 2021 02:00 ET (07:00 GMT)
Macfarlane (LSE:MACF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Macfarlane (LSE:MACF)
Historical Stock Chart
From Apr 2023 to Apr 2024