Glasgow-based packaging and distribution specialist Macfarlane Group has announced a surge in profits and turnover in the first half of the year.
For the six months to the end of June, pre-tax profits grew 26.6% to £2.5m, while group turnover reached £89.8m, 10.2% higher than in the same period in 2016.
Graeme Bissett, chairman of Macfarlane Group said: “The strong performance in the first six months of 2017, supplemented by the expected seasonal uplift from the e-commerce sector in the second half of the year gives the board confidence that its full year expectations for 2017 will be achieved.”
The group also reported that packaging distribution sales were grew 12%, with 3% achieved from organic growth and the remainder from recent acquisitions, all of which are performing well.
Macfarlane Group, which has more than 60 years' experience in the UK packaging industry, employs 800 people at 29 sites, principally in the UK, but also in Ireland and Sweden.
Bisset said: “Our strategy is to deliver sustainable profit growth by focusing on added value products and services in our target market sectors, combined with the execution of value-enhancing acquisitions. Macfarlane Group's performance in the first half of 2017 reflects the successful implementation of our strategy and we are confident that the Group will continue to make further progress in the remainder of 2017."
Earlier this year, Graeme Bissett announced his intention to step down from the chair by the end of 2017 after being a member of the Board since 2004 and Chairman since 2012. A new chairman will be announced in the coming months.