Aleen Gulvanessian

Basic and diluted earnings per share were 4.36p per share and 4.31p per share respectively. The interim dividend increased to 0.90p per share and was announced to be paid on 13 October 2022 to shareholders on the register as at 16 September 2022.

Commenting on the results, Macfarlane Group chairman, Stuart Paterson, said: “The Group has achieved a solid performance in the first half of 2022, especially when compared to a strong trading period in H1 2021.

“This has been achieved against the backdrop of a slowdown in spend from the e-commerce sector and significant inflationary pressure on operating costs. We have also made strategic IT investments and incurred start-up costs on our new North-west of England distribution centre.

“Our people have consistently demonstrated commitment and operating excellence as the business continues to grow and develop.”

He continued: “We expect to experience a continuing challenging environment with inflationary pressure on our operating costs and slower demand from our e-commerce customers.

“Overall, the Group is confident that the effectiveness of our strategy, the diversity of the customers and sectors we serve, the quality of our people, and the resilience of our business model will ensure 2022 will be another year of growth for Macfarlane. Our expectations for the full year 2022 are unchanged.”

The group also announced that Mr Paterson would be stepping down as chairman and succeeded by Aleen Gulvanessian.

Welcoming Ms Gulvanessian, Mr Paterson, said: “As set out in the Annual Report 2021, after over nine years on the Board, I am standing down from the Board, effective 30 September 2022, and I am pleased to announce my successor as Chair will be Aleen Gulvanessian.

“Aleen joined the Board in October 2021 as Chair of the Remuneration Committee and in a short time has made a significant contribution through her Corporate legal background and extensive commercial and governance experience. Aleen was selected after an extensive process involving a number of very capable external candidates. We expect to make an announcement on a new Chair of the Remuneration Committee shortly.

“I wish Aleen, the Board and all of Macfarlane’s employees continued success in the future and thank them for their excellent support during my tenure as Chairman and Non-executive Director of Macfarlane Group.”