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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Macfarlane Group Plc | LSE:MACF | London | Ordinary Share | GB0005518872 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 125.00 | 124.50 | 127.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 280.71M | 14.97M | 0.0942 | 13.27 | 198.69M |
TIDMMACF
RNS Number : 2544K
Macfarlane Group PLC
24 August 2023
24 August 2023
MACFARLANE GROUP PLC
("MACFARLANE GROUP", "THE COMPANY", "THE GROUP")
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2023
RESILIENT H1 2023 PERFORMANCE - PROFIT EXPECTATIONS FOR THE FULL YEAR UNCHANGED
H1 2023 H1 2022 Increase Financial Highlights GBP000 GBP000 % Revenue 141,612 139,209 2% Operating profit before amortisation(1) 12,839 11,384 13% -------- -------- --------- Operating profit 10,800 9,604 12% -------- -------- --------- Profit before tax 9,987 8,857 13% -------- -------- --------- Profit for the period 7,510 6,888 9% -------- -------- --------- Interim dividend (pence) 0.94p 0.90p 4% -------- -------- --------- Basic earnings per share (pence) 4.74p 4.36p 9% -------- -------- ---------
1 See note 2 for reconciliation of alternative performance measure, operating profit before amortisation, to operating profit.
Key highlights
-- Revenue grew by 2% versus H1 2022 to GBP141.6m. -- Profit before tax at GBP10.0m increased by 13%.
-- Basic and diluted earnings per share were 4.74p per share (H1 2022: 4.36p per share) and 4.70p per share (H1 2022: 4.31p per share) respectively.
-- Profit in line with expectations for the full year.
Packaging Distribution
-- Packaging Distribution grew revenue by GBP0.4m to GBP124.0m in H1 2023.
-- A good contribution from the acquisitions of PackMann in May 2022 and Gottlieb in April 2023, combined with organic growth in Europe and new business wins, offset lower demand from customers in the UK and Ireland.
-- Operating profit before amortisation increased by 6% to GBP9.4m (H1 2022: GBP8.9m) through effective management of input pricing which offset inflation in operating costs.
Manufacturing Operations
-- Manufacturing Operations delivered strong revenue growth of 13% to GBP17.7m (H1 2022: GBP15.7m).
-- A good contribution from Suttons, acquired in February 2023, offset the slower demand in certain industrial markets.
-- Operating profit before amortisation increased 36% to GBP3.4m (H1 2022: GBP2.5m).
Group
-- Effective management of working capital resulted in net cash inflow from operating activities of GBP20.3m (H1 2022: GBP6.5m).
-- Net bank debt on 30 June 2023 was GBP3.3m - a cash inflow of GBP0.1m from 31 December 2022, after GBP11.4m of investment in acquisitions and GBP1.4m of capital expenditure. The Group is operating well within its bank facility of GBP35.0m, increased from GBP30.0m at 31 December 2022, which runs until 31 December 2025.
-- Pension scheme surplus increased to GBP12.8m at 30 June 2023 (31 December 2022: GBP10.2m). The improvement is due to continued contributions from the Group and an increase in the discount rate, offset by lower investment returns in H1 2023.
-- Interim dividend increased to 0.94p per share (H1 2022: 0.90p per share) - to be paid on 12 October 2023 to shareholders on the register as at 15 September 2023 (ex-dividend date 14 September 2023).
Aleen Gulvanessian, Chair of Macfarlane Group PLC, today said: -
Trading
"The Group has demonstrated resilience in the first half of 2023, against the backdrop of a slowdown in customer demand. We have executed two high quality acquisitions which are both performing well, we continue to make good progress in Europe and have positive new business momentum. The inflationary impact of operating cost increases has been offset by effective input price management. We opened our new Northern Innovation Lab in March 2023 which is already having early success in helping our customers reduce their total cost of packaging and carbon footprint."
Outlook
"Whilst we expect the second half of 2023 to remain challenging, our good progress in Europe, diverse customer base, strong new business momentum and effective management of pricing and costs mean that our profit expectations for the full year remain unchanged."
Further enquiries: Macfarlane Group Tel: 0141 333 9666 Aleen Gulvanessian Chair ------------------------------- ------------------- Peter Atkinson Chief Executive ------------------------------- ------------------- Ivor Gray Finance Director ------------------------------- ------------------- Spreng Thomson ------------------------------- ------------------- Callum Spreng Mob: 07803 970103 ------------------------------- -------------------
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
-- Macfarlane Group PLC has been listed on the Premium segment of the Main Market of the London Stock Exchange (LSE: MACF) since 1973 with over 70 years' experience in the UK packaging industry. Through its two divisions , Macfarlane Group services a broad range of business customers, supplying them with high quality protective packaging products which help customers reduce supply chain costs, improve operational efficiencies and enhance their brand presentation. The divisions are: -- Packaging Distribution - Macfarlane Packaging Distribution is the leading UK distributor of a comprehensive range of protective packaging products; and -- Manufacturing Operations - Macfarlane Design and Manufacture who design and produce protective packaging for high value and fragile products. -- Headquartered in Glasgow, Scotland, Macfarlane Group employs over 1,000 people at 37 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands. -- Macfarlane Group supplies more than 20,000 customers , principally in the UK and Europe. -- In partnership with 1,700 suppliers, Macfarlane Group distributes and manufactures 600,000+ lines supplying to a wide range of sectors, including: retail e-commerce; consumer goods; food; logistics; mail order; electronics; defence; medical; automotive; and aerospace.
Interim Results - Management Report
Macfarlane Group's trading activities comprise Packaging Distribution and Manufacturing Operations.
Macfarlane's Packaging Distribution business is the UK's leading specialist distributor of protective packaging materials, with a growing presence in Europe. Macfarlane operates a stock and serve supply model in the UK, Ireland, the Netherlands, and Germany from 27 Regional Distribution Centres ("RDCs") and three satellite sites, supplying industrial and retail customers with a comprehensive range of protective packaging materials on a local, regional, and national basis.
Competition in the packaging distribution market is from local and regional protective packaging specialist companies as well as national/international distribution generalists who supply a range of products, including protective packaging materials. Macfarlane competes effectively on a local basis through its strong focus on customer service, its breadth and depth of product offering and through the recruitment and retention of high-quality staff with good local market knowledge. On a national and international basis, Macfarlane has market focus, expertise and a breadth of product and service knowledge, all of which enable it to compete effectively against non-specialist packaging distributors.
Packaging Distribution benefits its customers by enabling them to ensure their products are cost-effectively protected in transit and storage through the supply of a comprehensive product range, single source stock and serve supply, just-in-time delivery, tailored stock management programmes, electronic trading and independent advice on both packaging materials and packing processes. Through the 'Significant Six' sales approach we reduce our customers' 'Total Cost of Packaging' and their carbon footprint. This is achieved through supplying effective packaging solutions, optimising warehousing and transportation, reducing damages and returns, and improving packaging efficiency.
"Significant Six" represents the six key costs in a customer's packing process being transport, warehousing, administration, damages and returns, productivity and customer experience.
H1 2023 H1 2022 GBP000 GBP000 Revenue 123,955 123,533 Cost of sales (81,563) (83,627) Gross margin 42,392 39,906 Overheads (32,954) (31,022) Operating profit before amortisation 9,438 8,884 Amortisation (1,461) (1,379) Operating profit 7,977 7,505
The main features of Packaging Distribution performance in H1 2023 were:
-- Some weakening of demand from customers in the UK and Ireland. -- Good organic growth in Europe through our "Follow the Customer" strategy.
-- Revenue growth of GBP6.3m achieved from the acquisition of Gottlieb in April 2023 and PackMann in May 2022.
-- New business in H1 2023 24% higher than H1 2022, with early success from our new Northern Innovation Lab.
-- Effective management of input prices which has offset the impact of inflationary increases in operating costs, particularly energy and labour.
-- Increase in operating profit before amortisation of 6%.
-- Improvement in operating profit before amortisation as a percentage of revenue to 7.6% (H1 2022: 7.2%).
I n terim Results - Management Report (continued)
The key areas we will focus on in H2 2023 are to:
-- Accelerate new business momentum through effective use of our leading sales tools and processes - "Packaging Optimiser" ' , Significant Six and our Innovation Labs.
-- Support our customers to reduce their carbon footprint through offering more sustainable packaging solutions.
-- Continue to effectively manage input price changes.
-- Achieve benefits from our information technology investments in Microsoft Dynamics, Slimstock, and Warehouse Management.
-- Introduce improvements to our web-based solutions to provide customers with access to our full range of products and services more easily.
-- Accelerate the progress we have made in Europe through our "Follow the Customer" programme and PackMann, acquired in H1 2022.
-- Reduce operating costs through efficiency programmes in sales, logistics and administration. -- Plan our second major site consolidation in the East Midlands.
-- Maintain our focus on working capital management to facilitate future investment and manage effectively the ongoing bad debt risk within the current economic environment.
-- Supplement organic growth through progressing further high-quality acquisitions in the UK and Europe.
' Packaging Optimiser is a Macfarlane developed software tool that measures the financial and carbon benefits of the Significant Six selling approach.
Manufacturing Operations comprises our Packaging Design and Manufacture business as well as GWP, acquired in February 2021, and Suttons acquired in March 2023.
Manufacturing Operations designs, manufactures, assembles, and distributes bespoke packaging solutions for customers requiring cost-effective methods of protecting high value products in storage and transit. The primary raw materials are corrugate, timber and foam. The businesses operate from five manufacturing sites, in Grantham, Westbury, Swindon, Salisbury and Chatteris, supplying both directly to customers and through the national RDC network of the Packaging Distribution business.
Key market sectors are defence, aerospace, medical equipment, electronics, automotive, e-commerce retail and household equipment. The markets we serve are highly fragmented, with a range of locally based competitors. We differentiate our market offering through technical expertise, design capability, industry accreditations and national coverage through the Packaging Distribution business.
H1 2023 H1 2022 GBP000 GBP000 Revenue 17,657 15,676 Cost of sales (8,729) (8,486) Gross margin 8,928 7,190 Overheads (5,527) (4,690) Operating profit before amortisation 3,401 2,500 Amortisation (578) (401) Operating profit 2,823 2,099
Good growth in operating profit of 34% has been achieved, despite slowing demand in certain industrial sectors, by:
-- A strong contribution from the acquisition of Suttons in February 2023.
-- Effective management of input pricing to offset increasing operating costs, particularly energy and labour.
I nter im Results - Management Report (continued)
The priorities for Manufacturing Operations in the second half of 2023 are to :
-- Increase momentum of new business growth in target sectors e.g. medical and defence. -- Prioritise new sales activity of our higher added-value bespoke composite pack product range. -- Work with our customers to effectively manage material price changes.
-- Continue to strengthen the relationship with our Packaging Distribution businesses to create both sales and cost synergies.
-- Supplement organic growth through progressing further high-quality acquisitions in the UK.
Summary and Future Prospects
Macfarlane Group's businesses all have strong market positions with differentiated product and service offerings. We have a flexible business model and we effectively implement our strategic plan, which is reflected in consistent profit growth and cash generation over a sustained period.
Our future performance continues to depend on our effectiveness in growing sales and managing input prices, increasing efficiencies and bringing high quality acquisitions into the Group. There will continue to be challenges in 2023, with rising costs and weak demand. However, our strategy and business model have proved to be resilient and we expect to deliver further growth in 2023 and beyond.
Interim Results - Management Report (continued)
Risks and Uncertainties
The Group operates a formal framework for the identification and evaluation of the major business risks faced by each business and determines an appropriate course of action to manage these risks.
The principal risks and uncertainties which could impact on the performance of the Group, together with the mitigating actions, were outlined on pages 24 to 28 in our Annual Report and Accounts for 2022 (available on our website at www.macfarlanegroup.com ). These remain the same for the remaining six months of the current financial year and are summarised below:
-- Due to a range of prolonged geopolitical and economic uncertainties within the UK and other markets, there is an increased risk that we are entering into a challenging trading environment. If this materialises, the length and depth of such an environment is unknown and may adversely affect our ability to deliver upon agreed strategic initiatives. We may also need to adapt our business quickly in order to limit the impact upon the Group's results, prospects and reputation .
-- Failure to respond to strategic shifts in the market, including the impact of weaknesses in the economy as well as disruptive behaviour from competitors and changing customer needs (e.g. the move towards online retail) could limit the Group's ability to continue to grow revenues.
-- Customers are increasingly focused on the environmental impacts of packaging, changing their buying behaviours in response to climate and sustainability concerns. Some investors are looking to invest in companies that demonstrate strong ESG credentials. There is increasing regulatory focus around reporting disclosures and new requirements, such as the Plastic Tax introduced from April 2022. This cost is recharged directly onto our customers. If the Group is not proactive and transparent in how it is responding to environmental changes, this could lead to a loss of employees, customers and investors.
-- The Group's businesses are impacted by commodity-based raw material prices and manufacturer energy costs, with profitability sensitive to input price changes including currency fluctuations. The principal components are corrugated paper, polythene films, timber and foam, with changes to paper and oil prices having a direct impact on the price we pay to our suppliers.
-- The Group's growth strategy has included a number of acquisitions in recent years. There is a risk that such acquisitions may not be available on acceptable terms in the future. It is possible that acquisitions will not be successful due to the loss of key people or customers following acquisition or acquired businesses not performing at the level expected. This could potentially lead to impairment of the carrying value of the related goodwill and other intangible assets. Execution risks around the failure to successfully integrate acquisitions following conclusion of the earn-out period also exist.
-- The Group has a property portfolio comprising 1 owned site and 52 leased sites. This multi-site portfolio gives rise to risks in relation to ongoing lease costs, dilapidations and fluctuations in value.
-- The increasing frequency and sophistication of cyber-attacks is a risk which potentially threatens the confidentiality, integrity and availability of the Group's data and IT systems. These attacks could also cause reputational damage and fines in the event of personal data being compromised.
-- The Group needs continuous access to funding to meet its trading obligations and to support organic growth and acquisitions. There is a risk that the Group may be unable to obtain funds and that such funds will only be available on unfavourable terms. The Group's borrowing facility comprises a committed facility of up to GBP35m (GBP5m increase from 31 December 2022). This includes requirements to comply with specified covenants, with a breach potentially resulting in Group borrowings being subject to more onerous conditions.
-- The Group's defined benefit pension scheme is sensitive to a number of key factors including investment returns, the discount rates used to calculate the scheme's liabilities and mortality assumptions. Small changes in these assumptions could cause significant movements in the pension surplus/deficit.
Interim Results - Management Report (continued)
Cautionary Statement
This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategy and the potential for the strategy to succeed. It should not be relied on by any other party or for any other purpose.
This report and the condensed financial statements contain certain forward-looking statements relating to operations, performance and financial status. By their nature, such statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors, including both economic and business risk factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report. Nothing in this Interim Results Statement should be construed as a profit forecast or an invitation to deal in the securities of the Group.
Responsibility Statement
The Directors of Macfarlane Group PLC during the first six months of 2023 were
A. Gulvanessian Chair
P.D. Atkinson Chief Executive I. Gray Finance Director R. McLellan Non-Executive Director/Senior Independent Director J.W.F. Baird Non-Executive Director L.D. Whyte Non-Executive Director
The Directors confirm that, to the best of their knowledge:-
(i) the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting;
(ii) the interim management report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(iii) the interim management report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
Approved by the Board of Directors on 24 August 2023 and signed on its behalf by
................................ ........................... Peter D. Atkinson Ivor Gray Chief Executive Finance Director
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2023
Six Six Year months months to 31 to to December 30 June 30 June 2022 2023 2022 GBP000 GBP000 GBP000 Note Continuing operations Revenue 4 141,612 139,209 290,431 Cost of sales (90,292) (92,113) (192,374) Gross profit 51,320 47,096 98,057 Distribution costs (5,265) (5,169) (10,736) Administrative expenses (35,255) (32,323) (65,825) Operating profit 4 10,800 9,604 21,496 Finance costs 5 (813) (747) (1,562) Profit before tax 9,987 8,857 19,934 Tax 6 (2,477) (1,882) (4,210) Profit for the period from continuing operations 4 7,510 6,975 15,724 Discontinued operations Loss for the period from discontinued operations - (87) (87) Profit for the period 7,510 6,888 15,637 Earnings per share from continuing operations 8 Basic 4.74p 4.41p 9.94p Diluted 4.70p 4.36p 9.84p Earnings per share from continuing and discontinued operations 8 Basic 4.74p 4.36p 9.89p Diluted 4.70p 4.31p 9.78p
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2023
Six Six Year months to months to 31 30 June to December 2023 30 June 2022 GBP000 2022 GBP000 GBP000 Items that may be reclassified Note to profit or loss Foreign currency translation differences (64) 5 45 Items that will not be reclassified to profit or loss Remeasurement of pension scheme liability 11 1,700 (825) (82) Tax recognised in other comprehensive income Tax on remeasurement of pension scheme liability 12 (425) 206 21 Other comprehensive income for the period, net of tax 1,211 (614) (16) Profit for the period 7,510 6,888 15,637 Total comprehensive income for the period 8,721 6,274 15,621
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2023
Note Share Share Revaluation Own Translation Retained Capital Premium Reserve Shares Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 January 2023 39,584 13,573 70 (7) 216 52,584 106,020 Comprehensive income Profit for the period - - - - - 7,510 7,510 Foreign currency translation differences - - - - (64) - (64) Remeasurement of pension scheme liability 11 - - - - - 1,700 1,700 Tax on remeasurement of pension scheme liability 12 - - - - - (425) (425) Total comprehensive income - - - - (64) 8,785 8,721 Transactions with shareholders Dividends 7 - - - - - (3,990) (3,990) Share-based payments - - - - - 254 254 Total transactions with shareholders - - - - - (3,736) (3,736) At 30 June 2023 39,584 13,573 70 (7) 152 57,633 111,005
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2022
Note Share Share Revaluation Own Translation Retained Capital Premium Reserve Shares Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 January 2022 39,453 13,148 70 - 171 42,052 94,894 Comprehensive income Profit for the period - - - - - 6,888 6,888 Foreign currency translation differences - - - - 5 - 5 Remeasurement of pension scheme liability 11 - - - - - (825) (825) Tax on remeasurement of pension scheme liability 12 - - - - - 206 206 Total comprehensive income - - - - 5 6,269 6,274 Transactions with shareholders Dividends 7 - - - - - (3,677) (3,677) New shares issued 131 425 - (7) - (549) - Share-based payments - - - - - 337 337 Total transactions with Shareholders 131 425 - (7) - (3,889) (3,340)
At 30 June 2022 39,584 13,573 70 (7) 176 44,432 97,828
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2022
Note Share Share Revaluation Own Translation Retained Capital Premium Reserve Shares Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 January 2022 39,453 13,148 70 - 171 42,052 94,894 Comprehensive income Profit for the period - - - - - 15,637 15,637 Foreign currency translation differences - - - - 45 - 45 Remeasurement of pension scheme liability 11 - - - - - (82) (82) Tax on remeasurement of pension scheme liability 12 - - - - - 21 21 Total comprehensive income - - - - 45 15,576 15,621 Transactions with shareholders Dividends 7 - - - - - (5,102) (5,102) New shares issued 131 425 - (7) - (549) - Share-based payments - - - - - 607 607 Total transactions with shareholders 131 425 - (7) - (5,044) (4,495) At 31 December 2022 39,584 13,573 70 (7) 216 52,584 106,020
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) AT 30 JUNE 2023
30 June 30 June 31 December 2023 2022 2022 Note GBP000 GBP000 GBP000 Non-current assets Goodwill and other intangible assets 86,531 79,447 75,685 Property, plant and equipment 9,076 7,591 7,863 Right of use assets 35,287 33,807 33,938 Trade and other receivables 35 35 38 Deferred tax assets 12 106 19 105 Retirement benefit surplus 11 12,771 8,847 10,199 Total non-current assets 143,806 129,746 127,828 Current assets Inventories 19,929 25,150 22,608 Trade and other receivables 54,878 60,833 59,347 Current tax asset 540 - 675 Cash and cash equivalents 10 5,863 6,804 5,706 Total current assets 81,210 92,787 88,336 Total assets 4 225,016 222,533 216,164 Current liabilities Trade and other payables 53,176 61,184 54,577 Provisions 723 1,370 1,769 Current tax liabilities 1,024 524 304 Lease liabilities 10 7,042 6,139 6,641 Bank borrowings 10 9,190 16,473 9,143 Total current liabilities 71,155 85,690 72,434 Net current assets 10,055 7,097 15,902 Non-current liabilities Deferred tax liabilities 12 10,517 8,241 8,222 Trade and other payables 1,576 908 - Provisions 1,583 1,848 1,560 Lease liabilities 10 29,180 28,018 27,928 Total non-current liabilities 42,856 39,015 37,710 Total liabilities 114,011 124,705 110,144 Net assets 4 111,005 97,828 106,020 Equity Share capital 39,584 39,584 39,584 Share premium 13,573 13,573 13,573 Revaluation reserve 70 70 70 Own shares (7) (7) (7) Translation reserve 152 176 216 Retained earnings 57,633 44,432 52,584 Total equity 111,005 97,828 106,020
MACFARLANE GROUP PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2023
Six Six months Year months to to 31 to 30 June December 30 June 2023 2022 2022 Note GBP000 GBP000 GBP000 Profit/(loss) before tax from: Continuing operations 9,987 8,857 19,934 Discontinued operations - (87) (87) Total operations 9,987 8,770 19,847 Adjustments for: Amortisation of intangible assets 2,039 1,780 3,577 Depreciation of property, plant, equipment 814 693 1,498 Depreciation of right-of-use assets 3,843 3,768 7,542 (Gain)/loss on disposal of property,plant,equipment (4) 132 71 Loss on disposal of subsidiaries - 87 87 Share-based payment expense 254 337 607 Finance costs 813 747 1,562 Operating cash flows before movements in working capital 17,746 16,314 34,791 Decrease/(increase) in inventories 3,253 (1,517) 1,025 Decrease/(increase) in receivables 5,994 (586) 285 Decrease in payables (1,793) (2,923) (9,027) Decrease in provisions (1,023) (360) (249) Pension contributions less current service costs (625) (1,322) (1,838) Cash generated from operations 23,552 9,606 24,987 Income taxes paid (2,192) (2,322) (5,251) Interest paid (1,060) (830) (1,738) Net cash inflow from operating activities 20,300 6,454 17,998 Investing activities Acquisitions 9 (11,370) (9,268) (8,655) Proceeds from sales of subsidiaries - 166 166 Proceeds on disposal of property, plant and equipment 60 92 181 Purchases of property, plant and equipment (1,366) (2,271) (3,285) Net cash flows from investing activities (12,676) (11,281) (11,593) Financing activities Dividends paid 7 (3,990) (3,677) (5,102) Drawdown of bank borrowings (316) 5,957 (865) Repayment of lease obligations 10 (3,524) (3,640) (7,215) Net cash flows from financing activities (7,830) (1,360) (13,182) Net decrease in cash and cash equivalents (206) (6,187) (6,777) Cash and cash equivalents at beginning of period 5,346 12,123 12,123 Cash and cash equivalents at end of period 5,140 5,936 5,346 MACFARLANE GROUP PLC SIX MONTHSED 30 JUNE 2023 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Reconciliation to condensed consolidated cash flow statement Six months Six months Year to to 30 June to 30 June 31 December 2023 2022 2022 GBP000 GBP000 GBP000
Cash and cash equivalents per the 10 5,863 6,804 5,706 balance sheet Bank overdraft (723) (868) (360) Balances per the cash flow statement 5,140 5,936 5,346 1. Basis of preparation
Macfarlane Group PLC is a public company listed on the London Stock Exchange, incorporated and domiciled in the United Kingdom and registered in Scotland.
The Group's annual financial statements for the year ended 31 December 2022 were prepared in accordance with United Kingdom adopted international accounting standards. This condensed set of interim financial statements has been prepared in accordance with United Kingdom adopted International Financial Reporting Standard IAS 34 Interim Financial Reporting .
This condensed set of interim financial statements has been prepared applying the accounting policies that were applied in the preparation of the company's published consolidated financial statements for the year ended 31 December 2022. There were no major changes from the adoption of new IFRS's in 2023.
Critical judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. Due to the nature of estimation, the actual outcomes may well differ from these estimates.
Critical judgements
The directors have assessed the impact of climate change and consider that this does not have a significant impact on these financial statements.
Property provisions of GBP2.3m have been recognised as at 30 June 2023 (31 December 2022: GBP3.3m), representing the directors' best estimate of dilapidations on property leases. The directors have made the judgement that no provision is required for certain property leases where there is no intention to exit, having considered a number of factors including the extent of modifications to the property, the terms of the lease agreement, and the condition of the property.
No other significant critical judgements have been made in the current or prior year.
Key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant effect on the carrying amounts of assets and liabilities are discussed below:
-- The determination of any defined benefit pension scheme asset or liability is based on assumptions determined with independent actuarial advice. The key assumptions used include discount rate and inflation rate assumptions, for which a sensitivity analysis is provided in note 11. The Directors consider that those sensitivities represent reasonable sensitivities which could occur in the next financial period.
-- The provision held against trade receivables considers an expected credit loss model and related estimates of recoverable amounts. Whilst every attempt is made to ensure that the provision held against doubtful trade receivables is as accurate as possible, there remains a risk that the provision may not match the level of debt which ultimately proves uncollectable .
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of preparation
Business activities, risks and financing
The Group's business activities, together with the factors likely to affect its future development, performance and financial position, are set out in the Interim Management Report.
The Group's principal financial risks in the medium term relate to liquidity and credit risk. Liquidity risk is managed by ensuring that the Group's day-to-day working capital requirements are met by having access to committed b anking facilities with suitable terms and conditions to accommodate the requirements of the Group's operations. Credit risk is managed by applying considerable rigour in managing the Group's trade receivables. Although the current economic climate indicates an increased level of risk, the Directors believe that the Group is adequately placed to manage its financial risks effectively.
The Group's banking arrangement with Bank of Scotland PLC comprises a committed facility of GBP35m, expiring in December 2025, secured over the assets of Macfarlane Group UK Limited, GWP Group Limited and GWP Holdings Limited subsidiaries of Macfarlane Group PLC and bearing interest at commercial rates. The facility has financial covenants for interest cover and trade receivables headroom.
The Directors have reviewed the Group's cash and profit projections, which they believe are based on prudent market data and past experience taking account of reasonably possible changes in trading performance given current market and economic conditions. The Directors are of the opinion that these projections show that the Group should be able to operate within its current facilities and comply with its banking covenants.
In assessing the going concern basis, the Directors have considered the Group's business activities, the financial position of the Group and the Group's risks and uncertainties. The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. For this reason, this condensed set of financial statements has been prepared on the going concern basis.
Approval and review of condensed financial statements
These condensed financial statements were approved by the Board of Directors on 24 August 2023. As in previous years, the set of condensed financial statements for the half-year is unaudited.
2. Alternative performance measure
In addition to the various performance measures defined under IFRS the Group reports operating profit before amortisation as a measure to assist in understanding the underlying performance of the Group and its businesses when compared to similar companies. Operating profit before amortisation is not defined under IFRS and, as a result, does not comply with Generally Accepted Accounting Practice ("GAAP") and is therefore known as an alternative performance measure. Accordingly, this measure, which is not designed to be a substitute for any of the IFRS measures of performance, may not be directly comparable with other companies' alternative performance measures. Operating profit before amortisation is defined as operating profit before customer relationships and brand values amortisation reconciled in the table below.
Six months Six months Year to to 30 June to 30 June 31 2023 2022 December Continuing operations GBP000 GBP000 2022 GBP000 Operating profit before amortisation 12,839 11,384 25,073 Customer relationships/brand values amortisation (2,039) (1,780) (3,577) Operating profit 10,800 9,604 21,496
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
3. General information
Comparative figures for the year ended 31 December 2022 are extracted from Macfarlane Group's statutory accounts for 2022. The information for the year ended 31 December 2022 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditor on 23 February 2023 was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
4. Segmental information
The Group's principal business segment is Packaging Distribution, comprising the distribution of packaging materials and supply of storage services in the UK, Ireland and Europe. Other operations for the design, manufacture and assembly of timber, corrugated and foam-based packaging materials in the UK comprise one segment headed Manufacturing Operations.
Six months Six months Year to to 30 June to 30 June 31 2023 2022 December GBP000 GBP000 2022 GBP000 Group segment - total revenue Packaging Distribution 123,955 123,533 259,651 Manufacturing Operations 20,194 17,739 35,045 Inter-segment revenue (2,537) (2,063) (4,265) Revenue 141,612 139,209 290,431 Trading results - continuing operations Packaging Distribution Total and external revenue 123,955 123,533 259,651 Cost of sales (81,563) (83,627) (176,193) Gross profit 42,392 39,906 83,458 Net operating expenses (32,954) (31,022) (63,590) Operating profit before amortisation 9,438 8,884 19,868 Amortisation (1,461) (1,379) (2,774) Operating profit 7,977 7,505 17,094 Manufacturing Operations
Total revenue 20,194 17,739 35,045 Inter-segment revenue (2,537) (2,063) (4,265) External revenue 17,657 15,676 30,780 Cost of sales (8,729) (8,486) (16,181) Gross profit 8,928 7,190 14,599 Net operating expenses (5,527) (4,690) (9,394) Operating profit before amortisation and impairment 3,401 2,500 5,205 Amortisation (578) (401) (803) Operating profit 2,823 2,099 4,402
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
4. Segmental information (continued) Six months Six months Year to to 30 June to 30 June 31 2023 2022 December GBP000 GBP000 2022 GBP000 Operating profit - continuing operations Packaging Distribution 7,977 7,505 17,094 Manufacturing Operations 2,823 2,099 4,402 Operating profit 10,800 9,604 21,496 Finance costs (note 5) (813) (747) (1,562) Profit before tax 9,987 8,857 19,934 Tax (note 6) (2,477)7, (1,882) (4,210) Profit for the period from continuing operations 7,510 6,975 15,724 Loss for the period from discontinued operations - (87) (87) Profit for the period 7,510 6,888 15,637 30 June 30 June 31 December 2023 2022 2022 GBP000 GBP000 GBP000 Total assets Packaging Distribution 183,439 192,221 188,866 Manufacturing Operations 41,577 30,312 27,298 Total assets 225,016 222,533 216,164 Net assets Packaging Distribution 81,094 77,718 85,929 Manufacturing Operations 29,911 20,110 20,091 Net assets 111,005 97,828 106,020 5. Finance costs Six months Six months Year to to 30 to 30 June 31 June 2022 December 2023 GBP000 2022 GBP000 GBP000 Interest on bank borrowings 399 279 616 Interest on leases 661 551 1,122 Finance income relating to defined benefit pension scheme (note 11) (247) (83) (176) Total finance costs from continuing operations 813 747 1,562
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
6. Tax Six months Six months Year to to 30 June to 30 June 31 2023 2022 December GBP000 GBP000 2022 GBP000 Current tax UK corporation tax 2,376 1,786 3,680 Foreign tax 291 113 253 Prior year adjustments 24 (21) (21) Total current tax 2,691 1,878 3,912 Deferred tax current year (214) 4 207 prior year adjustments - - 91 Total deferred tax (note 12) (214) 4 298 Total tax 2,477 1,882 4,210
Tax for the six months ended 30 June 2023 has been charged at 23.50% (2022 - 19.00%) representing the best estimate of the effective tax charge for the full year. Deferred tax assets and liabilities at 30 June 2023 have been calculated based on the long-term corporation tax rate of 25%, which had been substantively enacted at that date.
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
7. Dividends Six months Six months Year to to 30 June to 30 June 31 2023 2022 December GBP000 GBP000 2022 GBP000 Amounts recognised as distributions to equity holders in the period Final dividend 2.52p per share (2022: 2.33 per share) 3,990 3,677 3,677 Interim dividend (2022: 0.90p per share) - - 1,425 Distributions in the period 3,990 3,677 5,102
An interim dividend of 0.94p per share, payable on 12 October 2023, was declared on 24 August 2023 and has therefore not been included as a liability in these condensed financial statements.
8. Earnings per share Six months Six months Year to 31 to 30 June to 30 June December 2023 2022 2022 Earnings GBP000 GBP000 GBP000 Profit for the period from continuing operations 7,510 6,975 15,724 Loss for the period from discontinued operations - (87) (87) Profit for the period from continuing and discontinued operations 7,510 6,888 15,637 30 June 30 June 31 December Number of shares '000 2023 2022 2022 Weighted average number of shares in issue for the purposes of basic earnings per share 158,337 157,987 158,162 Effect of Long-Term Incentive Plan awards in issue 1,574 1,834 1,661 Weighted average number of shares in issue for the purposes of diluted earnings per share 159,911 159,821 159,823 Basic earnings per share from continuing operations 4.74p 4.41p 9.94p Diluted earnings per share from continuing operations 4.70p 4.36p 9.84p Basic earnings per share from discontinued operations -p (0.06)p (0.06)p Diluted earnings per share from discontinued operations -p (0.05)p (0.05)p Basic earnings per share from continuing and discontinued operations 4.74p 4.36p 9.89p Diluted earnings per share from continuing and discontinued operations 4.70p 4.31p 9.78p
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
9. Acquisitions
On 3 March 2023, Macfarlane Group UK Limited ("MGUK") acquired 100% of A.E. Sutton Limited, for a total consideration of GBP13.5m and inherited net cash/bank balances of GBP5.3m. Contingent consideration of GBP2.5m is payable in the second quarters of 2024 and 2025, subject to certain trading targets being met in the two twelve-month periods ending on 29 February 2024 and 28 February 2025 respectively.
On 28 April 2023, MGUK acquired 100% of A & G Holdings Limited, the parent company of Gottlieb Packaging Materials Limited, for a total consideration of GBP4.2m and inherited net cash/bank balances of GBP0.9m. Contingent consideration of GBP0.8m is payable in the second quarters of 2024 and 2025, subject to certain trading targets being met in the two twelve-month periods ending on 30 April 2024 and 2025 respectively.
GBP2.1m was paid in 2023 to the sellers of GWP Holdings Limited, acquired in 2021, as the profit target was met for the twelve-month period ending 28 February 2023. GBP0.8m was held back subject to conclusion of an outstanding warranty claim.
GBP0.8m was paid in 2023 to the sellers of Carters (Cornwall) Limited, acquired in 2021, as the profit target was met for the twelve-month period ending 31 March 2023.
Contingent considerations are recognised as a liability in trade and other payables and are remeasured to fair value of GBP3.8m at the balance sheet date based on a range of outcomes between GBPNil and GBP5.6m. Trading in the post-acquisition period supports the remeasured value of GBP3.8m.
Fair values assigned to net assets acquired and consideration paid and payable are set out below:-
Six months to 30 June 2023 Net assets acquired GBP000 Other intangible assets 7,838 Property, plant and equipment 2,241 Inventories 574 Trade and other receivables 1,522 Cash and bank balances 6,194 Trade and other payables (1,817) Current tax liabilities (361) Lease liabilities (1,521) Deferred tax liabilities (2,083) Net assets acquired 12,587 Goodwill 5,047 Total consideration 17,634 Contingent consideration on acquisitions Current year (2,985) Prior years 2,915 Total cash consideration 17,564 Net cash outflow arising on acquisition Cash consideration (17,564) Cash and bank borrowings acquired 6,194 Net cash outflow (11,370)
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
10. Analysis of changes in net debt Cash and cash Bank Lease Total equivalents borrowing liabilities debt GBP000 GBP000 GBP000 GBP000 Total debt At 1 January 2022 12,315 (9,840) (34,942) (32,467) Non-cash movements Acquisitions - - (739) (739) Disposals - - 163 163 New leases - - (1,743) (1,743) Exchange movements - - (4) (4) Lease modifications - - (532) (532) Cash movements (5,511) (6,633) 3,640 (8,504) At 30 June 2022 6,804 (16,473) (34,157) (43,826) Non-cash movements Acquisitions - - (895) (895) Disposals - - 74 74 New leases - - (2,803) (2,803) Exchange movements - - 4 4 Lease modifications - - (367) (367) Cash movements (1,098) 7,330 3,575 9,807 At 31 December 2022 5,706 (9,143) (34,569) (38,006) Non-cash movements Acquisitions - - (1,521) (1,521) Disposals - - 52 52 New leases - - (634) (634) Exchange movements - - 57 57 Lease modifications - - (3,131) (3,131) Cash movements 157 (47) 3,524 3,634 At 30 June 2023 5,863 (9,190) (36,222) (39,549) Total cash movements for 2022 (6,609) 697 7,215 1,303 Net bank debt Net bank debt GBP000 At 30 June 2023 5,863 (9,190) (3,327) At 31 December 2022 5,706 (9,143) (3,437)
Cash and cash equivalents (which are presented as a single class of asset on the balance sheet) comprise cash at bank and other short-term highly liquid investments with maturity of three months or less.
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
11. Retirement benefit obligations
The figures below have been prepared by Aon based on the results of the triennial actuarial valuation as at 1 May 2020 updated to 30 June 2022, 31 December 2022 and 30 June 2023. The scheme investments and the scheme's net surplus position as calculated under IAS 19 are as follows:
30 June 30 June 31 December Investment class 2023 2022 2022 GBP000 GBP000 GBP000 Equities UK equity funds 6,005 7,304 6,616 Overseas equity funds 15,608 13,234 13,671 Multi-asset diversified growth funds 12,259 27,061 12,674 Bonds Multi asset credit fund 1,024 - - Liability-driven Investment funds 20,956 14,314 23,352 Other investments European loan fund 7,024 6,332 6,546 Secured property income fund 5,638 7,293 5,670 Cash 736 1,010 1,957 Fair value of Scheme investments 69,250 76,548 70,486 Present value of Scheme liabilities (56,479) (67,701) (60,287) Pension scheme surplus 12,771 8,847 10,199
These amounts were calculated using the following principal assumptions as required under IAS 19:
Assumptions 30 June 2023 30 June 2022 31 December 2022 Discount rate 5.30% 3.80% 4.80% Rate of increase in pensionable salaries 0.00% 0.00% 0.00% Rate of increase in pensions 3% or 5% 3% or 5% 3% or 5% in payment for fixed for fixed for fixed increases increases increases or 3.17% for or 3.22% for or 3.17% for LPI LPI LPI PIE take up rate 65% 65% 65% Inflation assumption (RPI) 3.40% 3.30% 3.40% Inflation assumption (CPI) 2.80% 2.80% 2.80% Life expectancy beyond normal retirement age of 65 Scheme member aged 55 Male 22.6 22.9 years 22.6 years years
Female 24.3 years 24.5 years 24.2 years Scheme member aged 22.1 years 22.3 years 22.0 years 65 Male Female 23.5 years 23.7 years 23.4 years Average uplift for GMP service 0.40% 0.40% 0.40% Six months Six months Year to 31 to 30 June to 30 June December 2023 2022 2022 GBP000 GBP000 GBP000 Movement in scheme surplus in the period At start of period 10,199 8,267 8,267 Current service cost - (24) (42) Employer contributions 625 1,346 1,991 Past service costs (curtailed due to closure of the scheme) - - (111) Net finance income 247 83 176 Re-measurement of pension scheme liability in the period 1,700 (825) (82) At end of period 12,771 8,847 10,199
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
11. Retirement benefit obligations (continued)
Sensitivity to key assumptions
Key assumptions used for IAS 19 are discount rate, inflation and mortality. If different assumptions were used, then this could have a material effect on the surplus. Assuming all other assumptions are held static then a movement in the following key assumptions would affect the level of the surplus as shown below:-
30 June 30 June 31 December Assumptions 2023 2022 2022 GBP000 GBP000 GBP000 Discount rate movement of +3.0% 20,327 32,495 21,698 Inflation rate movement of +0.25% (541) (848) (577) Mortality movement of +0.1 year in age rating 127 203 136
Positive figures reflect a reduction in scheme liabilities and therefore an increase in the scheme surplus.
Six months Six months Year to 31 to 30 June to 30 June December 2023 2022 2022 GBP000 GBP000 GBP000 Movement in fair value of Scheme investments Scheme investments at start of period 70,486 100,423 100,423 Interest income 1,645 947 1,886 Return on scheme assets (exc. amount shown in interest income) (1,800) (23,758) (29,475) Contributions from sponsoring companies 625 1,346 1,991 Contribution from scheme members - 4 9 Benefits paid (1,706) (2,414) (4,348) Scheme investments at end of period 69,250 76,548 70,486 Movement in present value of Scheme liabilities Scheme liabilities at start of period (60,287) (92,156) (92,156) Normal service costs - (24) (42) Past service costs (curtailed due to closure of the scheme) - - (111) Interest cost (1,398) (864) (1,710) Contribution from scheme members - (4) (9) Actuarial gain due to the changes in financial and experience 3,500 22,933 29,393 Benefits paid 1,706 2,414 4,348 Scheme liabilities at end of period (56,479) (67,701) (60,287)
Basis of recognition of surplus
Macfarlane Group PLC, based on legal opinion provided, has an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a wind up of the Macfarlane Group PLC Pension & Life Assurance Scheme (1974) (the 'Scheme'). Furthermore, in the ordinary course of business the trustees have no rights to unilaterally wind up the Scheme, or otherwise augment the benefits due to members of the Scheme. Based on these rights, any net surplus in the Scheme is recognised in full.
Investments
The Trustees review the Scheme investments regularly and consult with the Company regarding any changes .
Funding
Following the completion of the triennial actuarial valuation at 1 May 2020, Macfarlane Group PLC is paying deficit reduction contributions of GBP1.25m per annum with a deficit recovery period of 4 years. The Group paid a further GBP0.7m into the Scheme in H1 2022 to satisfy the debt agreed with the trustees in relation to the cessation of Macfarlane Labels Limited as a sponsoring employer.
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
12. Deferred tax Tax losses less Other intangible Retirement accelerated assets Benefit capital allowances GBP000 Obligations Total GBP000 GBP000 GBP000 At 1 January 2022 (319) (5,065) (2,069) (7,453) Acquisitions - (971) - (971) Credited/(charged) in income statement Current period 4 341 (349) (4) Charged in other comprehensive income - - 206 206 At 30 June 2022 (315) (5,695) (2,212) (8,222) Acquisitions - 584 - 584 (Charged)/credited in income statement Current period (488) 348 (154) (294) Charged in other comprehensive income - - (185) (185) At 1 January 2023 (803) (4,763) (2,551) (8,117) Acquisitions (124) (1,959) - (2,083) Credited/(charged) in income statement Current period (31) 462 (217) 214 Credited in other comprehensive income - - (425) (425) At 30 June 2023 (958) (6,260) (3,193) 10,411 Deferred tax assets 106 - - 106 Deferred tax liabilities (1,064) (6,260) (3,193) (10,517) At 30 June 2023 (958) (6,260) (3,193) (10,411) 13. Related party transactions
Related party transactions for 2022 are disclosed in note 27 of the 2022 Annual Report. The directors are satisfied that, other than the changes in the Retirement Benefit Obligations disclosed in note 11 above, there have been no changes which could have a material effect on the financial position of the Group in the first six months of the financial year.
Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed.
Details of individual and collective remuneration of the Company's Directors and dividends received by the Directors for calendar year 2023 will be disclosed in the Group's 2023 Annual Report. Peter Atkinson and Ivor Gray hold option awards over 1,468,294 and 658,910 ordinary shares respectively under the Macfarlane Group PLC Long Term Incentive Plan awarded in 2020, 2021, 2022 and 2023.
There are no other related party transactions during the six-month period which require disclosure.
MACFARLANE GROUP PLC
SIX MONTHSED 30 JUNE 2023
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
14. Post balance sheet events
There are no post balance sheet events requiring disclosure.
15. Interim Report
The interim report will be posted to shareholders on 11 September 2023. Copies will be available from the registered office, 3 Park Gardens, Glasgow G3 7YE and available on the Company's website, www.macfarlanegroup.com , from that date.
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