MACFARLANE GROUP PLC (MACF) — Results for the year ended 31 December 2025

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the MACFARLANE GROUP PLC twenty twenty five Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Peter Atkinson. Good morning to you, sir. Good morning, everybody. I'm Peter Atkinson. I'm the MACFARLANE GROUP PLC, and I'm here today with my colleague, Ida Bray, our CFO. We announced our 2025 results last week, and the objective today is to review those results with you and bring out some key points to give color on the numbers. And also, obviously, want to respond to any questions that you want to raise during the meeting. If we take a look at the agenda, following some brief introductory remarks from myself, Ivor will take you through the detailed numbers in terms of the P and L and cash flow. And then I'll talk through the two divisions, packaging distribution and the manufacturing operations. Ivor will then update you on where we are with the pension scheme, and I'll conclude with some final remarks, and then we'll pick up and respond to any questions. Let me begin just as a refresh to some of you and for those of you new to MACFARLANE, a little bit of detail about the business. We're a protective packaging specialist. We both distribute, design and assemble protective packaging products. 75% of our sales are through our distribution division and then 25% of our sales are through our manufacturing division. Our customer base is split 80% industrial and 20% retail, with the majority of our retail bus...