News

Macfarlane Group has said that turnover is likely to top £130m this year as it reported growth in both its distribution and manufacturing businesses.

In a trading update this morning, the Glasgow-headquartered firm said that acquisitions over the last year and organic growth have led to an increase of 12% in revenue for its packaging distribution arm and 5% in its manufacturing business.

That would equate to revenue of around £103m in distribution and £28m in manufacturing, a total of £131m compared to £119.7m last year.

Macfarlane’s distribution business has been boosted in 2008 by the acquisition of £7m-turnover Allpoint Packaging in October and that of Online Packaging in January.

Chairman Archie Hunter said in the statement that the current economic downturn was causing the group’s markets to soften. “We have confidence that we have the business strength and momentum to manage our way through this challenging period,” he said.

Hunter added that profit for 2008 would be in line with expectations.

Macfarlane’s manufacturing business makes bespoke packaging including work for armaments packaging for the Ministry of Defence.