British protective packaging company Macfarlane Group has provided an update for its trading operations during the period starting from 1 January until 31 October 2023.

The company has reported a 2% decrease in YTD revenue for the financial year 2023, compared with the same period last year.

According to Macfarlane, this decline in its YTD revenue is mainly due to weaker volumes and lower pricing, which is said to be affecting most of the sectors.

These conditions are being offset by improved new business performance and proper management of pricing and costs.

Macfarlane has also completed three acquisitions during the current reported period in 2023. All three businesses are performing well, the company noted.

The company witnessed ‘good progress’ in the European region during the YTD period, with a major contribution from PackMann, one of its acquired businesses.

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In May last year, Macfarlane acquired Germany-based protective packaging company PackMann. 

As of 31 October 2023, net bank funds totalled £3.7m ($4.6m) while the company reported net bank debt of £3.3m as of 30 June 2023.

Macfarlane chair Aleen Gulvanessian said: “In challenging conditions, the performance of the group this year has demonstrated the resilience of our business model and the benefit of effective management actions. 

“The board does not expect trading conditions to substantially improve in the near term and the management team will continue to execute actions to maintain the group’s progress.”

The company’s board now estimates Macfarlane’s adjusted profit before tax, which is profit before tax, amortisation and deferred contingent consideration adjustments, for 2023 to be ahead of 2022.

This adjusted profit before tax is also in line with Macfarlane’s full-year expectations.

Last year, Macfarlane reported a growth of 11% in its sales revenue during the period between 1 January and 31 October 2022.