Trading Update
Macfarlane Group PLC anticipates its full-year performance to align with market expectations, with consensus adjusted operating profit at £19.1 million. The company is investing £1.2 million in new equipment to restore full operational capability at its Pitreavie business by the end of Q1 2026, following a recent incident. Additionally, Macfarlane is preparing its pension scheme for a potential buy-in, which is expected to result in a non-recurring accounting charge of £2 million to £3 million due to an increase in the cost of historic pension equalisation.
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- The Board anticipates the Group's performance for the year ending 31 December 2025 will be in line with full year expectations as set out in its trading update dated 22 October 20251.
- Following the tragic incident at the Pitreavie business, operations are gradually recovering. We have committed £1.2m of investment in 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 Group is positioning the 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.
Commenting on today's announcement Aleen Gulvanessian, Chair of the Group, 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."
1 Full year Adjusted Operating Profit market consensus £19.1m.
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