Aleen Gulvanessian

The board expects the group’s results for 2022 to be ahead of last year and in line with its full year expectations.

Weaker volumes were offset through the effective management of input price increases, giving the boost to sales revenue.

The group is making progress in Europe following the acquisition of PackMann and actions to improve productivity and streamline operating footprint are being implemented.

Additionally, the firm’s net bank debt at 31 October 2022 was reduced to £5.0 million, down from £9.7m on 30 June 2022.

Aleen Gulvanessian, chair of 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.”