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Macfarlane leaves outlook unchanged, plans new share buyback
(Sharecast News) - Scottish packaging company Macfarlane has said its full-year expectations remain unchanged despite challenging market conditions, as it unveiled a new share buyback plan of up to £4m. The decision to make share repurchases was made following "extensive dialogue with our shareholders", according to chair Aleen Gulvanessian. "This reflects our capital allocation policy of investing in the business, making acquisitions, and returning capital to shareholders through dividends and, when appropriate, share buybacks."
Sales in the first quarter were up 14.2% on last year, though profits were down due to lower gross margins, duplicate costs related to consolidation in East Midlands operations, and higher property and acquisition-related costs.
Looking to the second half, Macfarlane said it expects its performance to improve.
"Market conditions continue to be challenging, and global economic uncertainty is impacting the behaviour of some customers," Gulvanessian said.
"However, the group sees positive momentum in several areas, and we have a clear action plan for the remainder of the year which will enable Macfarlane to continue its progress."
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