Macfarlane Group PLC
28 November 2003
28 November 2003
MACFARLANE GROUP PROPERTY DISPOSALS
Macfarlane Group PLC ('Macfarlane') is pleased to report that following the
disposal of its Northern packaging manufacturing operations at the start of
November 2003, it has now concluded the sale of its site in Linwood, near
Glasgow, for a cash consideration after attributable expenses of £6.0m. This
will give rise to a loss on disposal of £0.2m.
As part of a programme to reduce debt, Macfarlane has sold four properties in
2003 with cumulative proceeds of £8.6m and a cumulative loss on disposal of
£0.2m. Five additional surplus sites have been earmarked for sale in 2004.
Current trading conditions remain challenging and although our businesses are
now performing better than in the first half of 2003, the level of improvement
in trading results in the second half of the year is likely to be modest.
The Board is committed to reducing the current level of debt and improving the
trading performance of the group. A comprehensive review of the group's
operations is currently being undertaken by the new Chief Executive and the
Board will communicate the outcome when this process is complete.
Further information:
Archie S. Hunter Chairman 0141 333 9666
Peter D. Atkinson Chief Executive 0141 333 9666
Press & Media:
Gordon Beattie Beattie Media 07768 588163
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