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(Sharecast News) - Packaging company Macfarlane said on Thursday that it anticipates its full-year performance will be in line with expectations, with the firm set to report adjusted operating profits of roughly 19.1m.
Macfarlane also stated that following "the tragic incident" at its Pitreavie business, where a worker has died after being seriously injured at its Cumbernauld factory, operations were "gradually recovering". Macfarlane has committed 1.2m towards new equipment to restore the business to full operational capability by the end of Q1 2026, helping to accelerate the process of recovery and creating capacity for growth.
The London-listed group added that it was positioning its pension scheme for a possible buy-in to reduce future risk and minimise any further requirement for cash contributions. As part of this process a non-recurring accounting charge, currently estimated at between 2m and 3m, will be accrued to recognise an increase in the expected cost of historic equalisation of pensions.
Chair Aleen Gulvanessian said: "We continue to take steps to support the wellbeing of our colleagues at Pitreavie. The management team remains focused on stabilising the Pitreavie business and implementing actions to improve the performance of the distribution business."
As of 0825 GMT, Macfarlane shares were up 4.55% at 69p.
Reporting by Iain Gilbert at Sharecast.com
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