Macfarlane
NO RECOMMENDATIONResurgent Macfarlane is set to acquire National Packaging - a division of distributor Charles Baynes - for a cash consideration of £21.7m. National Packaging specialises in packaging material and equipment distribution and has 17 branches throughout the UK. It generated a £2.8m profit in 2000, from £48.3m of revenue, and chief executive Iain Duffin claimed to be 'delighted' with the move, adding that it furthers Macfarlane's ambitions of creating a 'one-stop shop' for the packaging industry. The news follows impressive full-year results, which revealed that pre-tax profits had leapt to £11.7m (£2.6m) even though turnover had slipped down to £190.8m (£196.3m). House broker HSBC expects continued profits growth over the next two years, £18.1m and £19.9m being the latest forecasts for 2001 and 2002.
Market cap: £95.3m
PE Forecast: 7.4
Share price: 76p
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