Macfarlane Group H2 Earnings Call Highlights

Despite those headwinds, management highlighted "marginal" revenue growth of about 0.2% in distribution as encouraging. However, distribution profitability was pressured by aggressive price competition. Gray said group gross margin declined year over year, driven primarily by distribution, where gross margin fell to 35.3% from 37.2%. Atkinson said packaging distribution—about 75% of group revenue—faced "very difficult market conditions" in 2025, driven by a weak UK economy, customer decision delays, and the ...