Macfarlane Group said it is expecting its results for 2022 to be ahead of last year and in line with its full year expectations.

In a trading update issued today (24 November) for the period from 1 January to 31 October 2022, the Glasgow-headquartered packaging company said its sales revenue for the year to date is 11% ahead of the same period last year, with weaker volumes being offset through the effective management of input price increases.

Strategic progress is being made in Europe following the acquisition of German business PackMann in May 2022 and the continuing rollout of its ‘Follow the Customer’ programme, the company added, while actions to improve productivity and streamline its operating footprint are being implemented.

The group’s net bank debt at 31 October 2022 had reduced to £5m, from £9.7m on 30 June 2022.

Aleen Gulvanessian, chair of Macfarlane Group, said: “Given the well-publicised adverse market conditions we are pleased with the performance of the group so far in 2022 and confident in meeting our profit expectations for the year.

“Whilst challenges will continue to persist, with the experience of our management team, resilience of our business model and strong acquisition pipeline, we are well placed to maintain the group’s positive progress.”

1,000-plus staff Macfarlane Group’s share price was up by 3.26% at the time of writing to 105.84p (52-week high: 139p, low: 85.2p). The group sold its Labels division to Reflex Group in December 2021.