News

Macfarlane Group, the packaging distributor and manufacturer, has said its profit for the first four months of the year was "significantly" ahead of 2007.

In an interim management statement this morning (19 May), the firm said that turnover was 15% ahead of the same period in 2007, led by the group's distribution business, which increased sales by 17% (8% organic and 9% through acquisition).

Revenue achieved by the manufacturing business, which includes labels and composite transit packaging, was 5% ahead of last year.

Online Packaging, which was acquired in January this year for £5.1m, had also performed well.

Macfarlane chairman Archie Hunter said that despite uncertainty in the economy, there were "good prospects" for further "significant" increases in profit in the coming years.

The group said its balance sheet remained strong and could support additional acquisitions in 2008.

The company's annual general meeting will take place in Glasgow tomorrow.

Macfarlane's share price rose by 50p to 27p following the statement.