Macfarlane on track to meet full year goals

17th Nov 2015 10:00

(ShareCast News) - Labels and packaging company Macfarlane Group said it was on track to meet its expectations for 2015, as it maintained its trading momentum in the second six months of the year.The London-listed company said sales in its manufacturing operations were down 2% in the year to date, although it reported an improvement in sales in the second half. The group said sluggish demand in export markets was having a negative impact on packaging design and manufacturing sales.However, the packaging distribution business fared better, with sales increasing 14% year-on-year so far in 2015, boosted by a 6% growth in like-for-like sales and by a number of acquisitions completed in the period.Macfarlane said it expects operating profit from the division to rise significantly year-on-year."Macfarlane Group's performance in the second half of 2015 continues to demonstrate good progress following the growth seen in the first half of the year," said group chairman Graeme Bissett."The board remains confident that our full year expectations will be met."Macfarlane Group shares were up 9.31% to 51.38p at 1027 GMT on Tuesday.