Macfarlane Group has released an update on trading for the period 1 January to 31 October 2022.
The Board expects the Group’s results for 2022 to be ahead of last year and in line with its full year expectations. Sales revenue year to date is 11% ahead of the same period last year, with weaker volumes being offset through the effective management of input price increases.
The company also said strategic progress is being made in Europe following the acquisition of PackMann and the continuing rollout of its ‘Follow the Customer’ programme.
Net bank debt at 31 October 2022 reduced to £5.0m, down from £9.7m as of 30 June 2022.
Aleen Gulvanessian, Chair, Macfarlane Group, said, “Given the well-publicised adverse market conditions, we are pleased with the performance of the Group so far in 2022 and confident in meeting our profit expectations for the year. Whilst challenges will continue to persist, with the experience of our management team, resilience of our business model and strong acquisition pipeline, we are well placed to maintain the Group’s positive progress.”