Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Macfarlane Group PLC on Thursday said profit grew in the first half of the year amid lower costs, while recent acquisitions contributed to a revenue increase.
The Glasgow-based supplier of protective packaging materials said pretax profit jumped by 12% to £10.0 million in the six months that ended June 30 from £8.9 million a year before. This came as cost of sales fell by 2.0% to £90.3 million.
Revenue rose by 2% to £141.6 million from £139.2 million a year prior, despite ‘lower demand’ from customers in the UK and Ireland.
This was partly attributed to a £6.3 million contribution from its acquisition of A&G Holdings Ltd in April and Packmann Gesellschaft fur Verpackungen und Dienstleistungen mbH in May last year.
Macfarlane raised its interim dividend by 4.4% to 0.94 pence from 0.90p the year before.
Looking ahead, the company said its full-year profit expectations remain unchanged.
Copyright 2023 Alliance News Ltd. All Rights Reserved.