Business
Interim Results
Interim Results.
About this update from Macfarlane Group Plc
[{"type":"text","content":"\n RNS Number : 1635C Macfarlane Group PLC 28 August 2008 \n \n\n28 August 2008\nMACFARLANE GROUP'S INTERIM RESULTS TO 30 JUNE 2008\nProfit before taxation from continuing operations for the six months up 100% to £1.0m (2007 £0.5m)\nSales growth of 12% from continuing operations\nNet debt of £8.7m at June 2008, Group expects trading to be strongly cash positive in second half of 2008\nNet provision of £0.7m made for discontinued activities\nInterim dividend confirmed at 1p per share\n\nArchie Hunter, Chairman of Macfarlane Group PLC today said:-\n'The first half of 2008 was a period of further significant progress for Macfarlane Group as we continued to develop our core activities, doubling profits from our continuing operations in the process. This improvement was achieved despite significant supplier price increases across our businesses.\nProfits before tax from continuing operations in the half-year increased to £1.0m from £0.5m in 2007 on turnover up 12.2% to £64.4 million.\nOperating profits in our Packaging Distribution business increased to £0.6m (2007 - £0.3m). Turnover grew to £51.0 million, an increase of 15% of which 6% was organic and 9% was through acquisitions. These increases show the merit of targeting growth by both means, a strategy which we will hold to in the future. Online Packaging Limited ('Online'), our latest acquisition in January 2008, is operating well.\nOur Manufacturing business increased operating profits to £0.9m (2007 - £0.5m) on turnover up 3.2% to £13.5 million. The profits increase reflected a strong operating performance in our Labels business, which benefited also from a strong Euro and a good performance in testing conditions from our Packaging Manufacturing business. 2008 has seen further development in the trading relationship between our Distribution and Packaging Manufacturing businesses and we intend to develop this further.\nThe commitment to focusing on core activities led to the decision last year to dispose of our Plastics operations based in Ireland and the disposal process is progressing. We have made provision for a net loss on discontinued activities of £0.7m.\nAn interim dividend of 1p per share will be paid on Thursday 23 October 2008 to shareholders on the register on Friday 26 September 2008.\nIt would be unrealistic to assume that we will be immune to the ...