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Macfarlane prefers to wait for indy referendum result

Macfarlane prefers to wait for indy referendum result

Scottish packaging manufacturer and distributor Macfarlane Group said in half-year results it would wait until after the independence referendum before giving any further consideration to the potential implications for its business.

The Glasgow firm reported profits of £1.2million before tax and one-off items for the first six months of 2014, down from £1.6million a year earlier.

But sales during the latest period were 3% ahead at £70.1million.Chairman Graeme Bissett said the fall in profits was due to a squeeze on margins and more internet retailing, where customers’ trading was more heavily focused on the second half of the year.

He added: “Signs of growth in the economy are now more evident and our results in July and August to date are encouraging.

“Combined with our strength in the more seasonal internet retail sector, these factors should support the planned uplift in performance in the second half of 2014.

“Future growth for Macfarlane Group will be mostly dependent on our continuing efforts to win new business in target sectors and through value-enhancing acquisitions.”

The comment on the independence referendum came in the “risks and uncertainties” section of Macfarlane’s results.

It said: “The board has considered the potential implications and will monitor these for the group’s business once the outcome is clear.”