The company’s resilience comes amidst “challenging” market conditions, with its core packaging distribution business experiencing weaker customer demand and price deflation.

Despite these pressures, Macfarlane’s manufacturing division saw a 16% revenue increase, and the group’s overall performance was bolstered by recent acquisitions, including Gottlieb and Allpack Direct. The board has proposed a final dividend increase to 2.7p per share, reflecting a 2% rise in the total annual dividend.

Looking ahead, Macfarlane anticipates continued market challenges in 2025, particularly with rising employment costs and the introduction of extended producer responsibility (EPR) fees. However, the company remains optimistic, citing a “strong pipeline of opportunities” and a recently secured £40m borrowing facility to support further growth and acquisitions.

The group’s recent £18m acquisition of Pitreavie Group, a Scottish peer, highlights its commitment to expansion. Macfarlane’s leadership emphasises the “resilient” financial performance and strategic progress made, positioning the company for continued profitable growth. Analysts note Macfarlane’s strong position to capitalise on the growing demand for sustainable packaging.