Macfarlane Group PLC AGM Statement (2510Y)
May 11 2021 - 6:00AM
UK Regulatory
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RNS Number : 2510Y
Macfarlane Group PLC
11 May 2021
11 May 2021
ANNUAL GENERAL MEETING STATEMENT
Macfarlane Group PLC ("Macfarlane") today publishes its Annual
General Meeting ("AGM") Statement and trading update covering 2021
to date. At the AGM in Glasgow, Stuart Paterson, Chairman, will
say:
Current Trading
"Macfarlane Group has made a positive start to 2021, with sales
in the first quarter 15% ahead of the same
period in 2020. Group profit for the year to date is also well ahead of that achieved in 2020.
We have grown our Packaging Distribution business by 10%, with
strong sales to our e-commerce retail customers and some signs of
recovery from our industrial customers being offset by continued
weakness in sales to our aerospace, high street retail and
hospitality customers. Our Manufacturing Operations grew sales by
45% compared to the same period in 2020. This reflected ongoing
strength in our Labels business, some recovery in our Design and
Manufacture business and the initial benefit from the acquisition
of GWP Holdings Limited ("GWP").
Acquisitions
We acquired GWP, a protective packaging manufacturing and
distribution business based in Wiltshire, on 1 March 2021 and a
month later we acquired Carters Packaging (Cornwall) Limited, the
leading distributor of protective packaging in the South-West of
England. Both businesses are progressing well post-acquisition.
Liquidity
Following these acquisitions net debt has increased to GBP6.0m
(31 December 2020: GBP0.5m). This remains well within the Group's
bank facilities of GBP30m which are committed until December
2025.
Outlook
Covid-19, supply shortages and raw material price increases will
continue to have an impact on the markets we serve for the
remainder of 2021. However, we have consistently demonstrated our
ability to address such challenges and effectively support our
customers. We are therefore confident that the resilience of our
business model, together with the skill and commitment of our
people, will ensure 2021 will be another year of good progress for
Macfarlane Group."
Further enquiries: Macfarlane Group Tel: 0141 333 9666
Stuart Paterson Chairman
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Peter Atkinson Chief Executive
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Ivor Gray Finance Director
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Spreng Thomson
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Callum Spreng Mob: 07803 970103
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Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
-- Macfarlane Group PLC has been listed on the Premium segment
of the Main Market of the London Stock Exchange (LSE: MACF) since
1973 with over 70 years' experience in the UK packaging
industry.
-- Through its two divisions Macfarlane Group services a broad
range of business customers supplying them high quality protective
packaging and labels which help customers reduce supply chain
costs, improve their operational efficiencies and enhance their
brand presentation. The divisions are:
o Packaging Distribution - Macfarlane Packaging Distribution is
the leading UK distributor of a comprehensive
range of protective packaging products; and
o Manufacturing Operations - Macfarlane Labels who design and
print high quality self-adhesive and resealable labels, principally
for FMCG companies, and Macfarlane Design and Manufacture who
design and produce protective packaging for high value and fragile
products.
-- Headquartered in Glasgow, Scotland, Macfarlane Group employs
over 1,000 people at 39 sites, principally in the UK, as well as in
Ireland, Sweden and the Netherlands.
-- Macfarlane Group supplies more than 20,000 customers in the UK, Europe and the USA.
-- In partnership with 1,700 suppliers, Macfarlane Group
distributes and manufactures 600,000+ lines across a wide range of
sectors, including: retail e-commerce; consumer goods; food;
logistics; mail order; electronics; defence, automotive and
aerospace.
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