Interim Management Statement

RNS Number : 6987L

Macfarlane Group PLC

11 May 2010

 



INTERIM MANAGEMENT STATEMENT

Macfarlane Group PLC today publishes its Interim Management Statement for 2010 to date.  At the Annual General Meeting, which takes place today, 11 May 2010 at 12 noon at the Thistle Hotel, Cambridge Street, Glasgow, Archie Hunter, Chairman of Macfarlane Group said:-

"Group profit performance in the first four months is in line with the Board's expectations and significantly ahead of last year albeit that the first half of 2009 in particular felt the impact of the recession. Group revenue in the first four months of the year is 9% ahead of the same period last year. Each Division is making progress with Packaging Distribution revenue 10% ahead of last year and Manufacturing Operations' revenue 8% ahead of last year. We continue to face customer and sector challenges particularly in our Manufacturing Operations and there is still market uncertainty, but the business is performing in line with the Board's expectations.

Like many companies, Macfarlane Group has a significant pension deficit. We have recently concluded a consultation period with the active members of our final salary pension scheme to freeze future increases in pensionable salary.  This action will reduce the deficit in the final salary scheme and this will be reflected in our half-year results, which will be issued in August.  Further actions are being prepared to contain future increases in liabilities in the final salary scheme. 

The Group continues to operate well within its existing bank facilities.  As previously indicated, we shall pay a dividend of 1p per share on 10 June 2010."

Further enquiries: Macfarlane Group	Tel: [phone]
Archie Hunter               Chairman
Peter Atkinson              Chief Executive
John Love                     Finance Director
Spreng & Co Callum Spreng	07803 970103

Notes to Editors:

Macfarlane Group PLC is a UK-based group of companies focused on packaging-related activities.  The Packaging Distribution business is the leading UK distributor of a comprehensive range of packaging consumable products.  The Manufacturing Operations comprise two businesses, the manufacture of transit packaging and the manufacture of self-adhesive and re-sealable labels.  Headquartered in Glasgow, Scotland, Macfarlane Group employs 700 people at 22 sites, principally in the UK and Ireland, servicing 20,000+ customers, in a wide range of sectors including: consumer goods; logistics; electronics; food manufacturing and retailing; internet and home retailing.

 

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