Macfarlane Group has released its 2023 preliminary results.
Group revenue was £280.7m, down by 3% compared to 2022. Adjusted Group profit before tax grew 10% from £23.5m to £25.8m. Group profit before tax at £20.3m increased by 2% after charging £1.5m for deferred contingent consideration related to the acquisition of PackMann Gessellschaft fur Verpackungen und Dienstleistungen mbH, which delivered a stronger operating performance than previously anticipated.
“I am pleased to report that, against a backdrop of challenging market conditions, Macfarlane Group has once again demonstrated the resilience of its business model and achieved another year of profit growth in 2023. In addition, we have made good progress against our ESG objectives,” said Aleen Gulvanessian, Chairman.
Gulvanessian continued, “Bob McLellan retired from the Board at the end of December 2023 and the Board would like to thank Bob for his invaluable contribution over the past 10 years. The recruitment process for a Non-Executive Director has commenced and an announcement will be made in due course when a suitable candidate has been appointed. Additionally, James Baird, Audit Committee Chair, has been appointed Senior Independent Director.”
Gulvanessian concluded, “We expect the year ahead to remain challenging due to uncertainty over customer demand. However, we are confident that we will continue to make progress in 2024 through strong new business momentum, a well-developed pipeline of potential acquisitions, the continued effective management of input prices and operational efficiencies.”
