Macfarlane upbeat in trading update

MACFARLANE Group, the Glasgow-based packaging company, yesterday assured investors that trading was in line with management expectations, despite rising raw material costs.

Chairman Archie Hunter told the AGM that profitability in the packaging distribution business during 2011 was well ahead of last year as it benefited from product launches. But revenues in its manufacturing operations division were down by 2 per cent, mainly due to a weaker performance from label products. The group added it continued to operate "well within" its bank facilities.