Business
Interim Management Statement
Interim Management Statement.
About this update from Macfarlane Group Plc
[{"type":"text","content":"\n \nRNS Number : 8221H Macfarlane Group PLC 20 November 2018 \n\n \nInterim Management Statement\n \n20 November 2018\n \nMacfarlane Group PLC today provides an update on trading for the period from 30 June 2018 to 31 October 2018.\nThe momentum achieved in the first half of 2018 has been maintained in the second half of the year with consistent levels of organic growth and benefit from acquisitions. The Board is confident, on the assumption that the Group benefits from the normal seasonal uplift in activity in the final quarter of 2018, that its full year expectations will be met.\nSales growth for the year to date is 13% with 5% achieved from organic growth and the remainder from acquisitions. Accordingly, Macfarlane Group's profit before tax in 2018 to date is well above the corresponding period in 2017.\nBank borrowings were £10.9m at 30 June 2018. The Group will pay £4.0m in deferred consideration for prior year acquisitions in the second half of 2018, reflecting full payments in respect of strong trading by these acquisitions in the earn-out periods. The two most recent acquisitions had a net cash cost of £1.6m at the start of the second half of 2018. These outflows will be largely offset by the Group's traditionally strong working capital inflows in the final quarter.\nStuart Paterson, Chairman of Macfarlane Group, said:\n\"I am pleased to report that Macfarlane Group's performance in the second half of 2018 has continued to reflect the good progress demonstrated in the first half. The Board remains confident in meeting its full year expectations for 2018.\"\n \n\n\n\n\nFurther enquiries:\n\n\nMacfarlane Group\n\n\nTel: 0141 333 9666\n\n\n\n\n \n\n\nStuart Paterson Chairman\n\n\n \n\n\n\n\n \n\n\nPeter Atkinson Chief Executive\n\n\n \n\n\n\n\n \n\n\nJohn Love Finance Director\n\n\n \n\n\n\n\n \n\n\nSpreng Thomson\n\n\nTel: 0141 548 5191\n\n\n\n\n \n\n\nCallum Spreng\n\n\nMob: 07803 970103\n\n\n\n\n \n...