MACFARLANE GROUP

Macfarlane Group posted a 2% revenue increase in H1 2026 and signs of an initial earnings recovery after a weak 2025, although adjusted pre-tax profit and earnings per share both fell by 9%. Gross margin held steady despite sharply higher polymer prices, new business rose by around 40%, and corrugated business Pitreavie returned to profit in Q2. The company has launched a second share buyback programme of £6m, will keep the dividend at £0.96, and expects higher revenue in H2 with only a slight margin headwind. Management emphasised focus on a three-year programme to restore the distribution margin to 7–8% and currently plans no acquisitions. » Altro su de.investing.com

Macfarlane Group reports H1 2026 revenue up 2% to £148.89m, while adjusted operating profit fell 3% to £9.50m. Net profit was £3.47m; operating profit £7.06m; and profit before tax £4.71m. Revenue growth was driven by the Packaging Distribution division through new business and price increases, while Manufacturing suffered from higher input costs and the Pitreavie business was hit by capacity constraints and outsourcing. The company is launching a £6m share buyback in October and expects full-year guidance to be in line with market expectations, supported by new business growth and cost controls. » Altro su de.investing.com

Macfarlane Group has completed a £53 million buy-in with Royal London for its defined benefit pension scheme, transferring financial and demographic risks to the insurer. The policy secures ongoing pension payments to all members and the scheme currently has a surplus, so no further cash contributions are required. The company and trustees may opt for a full buy-out within two years, which would remove the scheme from the balance sheet; any remaining surplus after tax would be returned to the company and any deficit would be met by a cash contribution. Macfarlane operates no other defined benefit schemes and expects any surplus or deficit on a buy-out to be no more than £1 million. » Altro su de.investing.com