Glasgow-headquartered Macfarlane Group Plc has announced a 14% increase in revenues and 3% growth in pre-tax profits.
The interim report states that its expectations for the full year 2022 are unchanged.
The company has also announced the appointment of Aleen Gulvanessian as Chair.
She succeeds Stuart Paterson who has stepped down following over nine years on the board.
The report also reveals that sales from continuing operations grew by 14% versus H1 2021 to £139.2m.
Operating profit was £9.6m and profit before tax was £8.9m, both from continuing operations, increased by 4% and 3% respectively with revenue growth partly offset by increased costs.
Basic and diluted earnings per share were 4.36p per share (H1 2021: 3.83p per share) and 4.31p per share (H1 2021: 3.79p per share) respectively.
Paterson said: “The Group has achieved a solid performance in the first half of 2022, especially when compared to a strong trading period in H1 2021.
“This has been achieved against the backdrop of a slowdown in spend from the e-commerce sector and significant inflationary pressure on operating costs.
“We have also made strategic IT investments and incurred start-up costs on our new North-west of England distribution centre.
“Our people have consistently demonstrated commitment and operating excellence as the business continues to grow and develop.”
Paterson warned that the firm expects to experience a continuing challenging environment with inflationary pressure on its operating costs and slower demand from its e-commerce customers.
“Overall, the Group is confident that the effectiveness of our strategy, the diversity of the customers and sectors we serve, the quality of our people, and the resilience of our business model will ensure 2022 will be another year of growth for Macfarlane,” he said.
“Our expectations for the full year 2022 are unchanged.”
Confirming Gulvanessia as his successor, Paterson said:” I wish Aleen, the Board and all of Macfarlane’s employees continued success in the future and thank them for their excellent support during my tenure as Chairman and Non-executive Director of Macfarlane Group.”
