Aleen Gulvanessian

Despite facing a 2% revenue drop compared to the same period last year, due to weaker volumes and reduced pricing affecting various sectors, the company anticipates an adjusted profit before tax for 2023 that surpasses last year’s figures and meets full year forecasts.

This expected financial performance is attributed to robust new business achievements, strategic pricing and cost management, and the successful integration of three acquisitions. Notably, the acquisitions are currently performing above expectations. The company’s European ventures, particularly the acquisition of PackMann in 2022, have shown significant progress and are contributing to organic growth within the region.

As of 31 October 2023, Macfarlane Group reported net bank funds of £3.7 million, a substantial improvement from a net debt of £3.3m reported on 30 June 2023.

Aleen Gulvanessian, chair of Macfarlane Group, said: “In challenging conditions, the performance of the group this year has demonstrated the resilience of our business model and the benefit of effective management actions.

“The board does not expect trading conditions to substantially improve in the near term and the management team will continue to execute actions to maintain the group’s progress.”