The company's chief executive Peter Atkinson said the packaging and labelling group remains committed to "self-help" measures but takeovers would help it boost sales in a slow market.
Although it remains cautious on prospects, Macfarlane posted a 23% hike in underlying pre-tax profits from £1.3 million to £1.6m on the back of half-year turnover which edged up marginally from £68m to £68.1m.
Mr Atkinson said: "We are back on the acquisition trail. We have a degree of more confidence [in the economy] and also partly a need to accelerate our progress.
"You can grow organically and we are doing that but it is hard work. Acquisition is a way to enhance our organic growth and cement our place in the UK market."
Analysts at house broker Arden Partners said: "The [Macfarlane] strategy is to build revenues from the present £140m to nearer £180m over the next few years.
"This will be assisted by acquisitions where opportunities arise and will be focussed on packaging distribution where the group can build on its market leading share."
In the packaging arm Mr Atkinson highlighted business wins with online retailers Asos, The Hut and Feel Unique.
He expects these to be worth around £1m in annual revenue but indicated that figure has the potential to rise.
He said: "Clearly the trading pattern for those organisations is that the Christmas period is the strongest period for them.
"So we are watching now as we move into that period how trading goes with those customers to see what the real growth potential is going forward as until we have seen them go through this Christmas cycle it is difficult to judge.
"We have part of The Hut, part of Asos and the whole of feelunique so in reality there is not only growth as they grow but also as we continue to penetrate their particular business."
Business with third party logistics providers grew by more than 6% and Mr Atkinson said the company will continue to focus on growing sectors such as internet retail.
Overall sales in packaging distribution slipped by £60,000 to £54.9m while margins reduced because of lower sales prices and higher material costs.
In the manufacturing division, which includes the labels arm, sales rose by almost £80,000 to £15.1m while margins improved.
Mr Atkinson said the labels sector is steadily seeing more take up for its re-sealable products with European sales started to strengthen.
He pointed out recent contract wins in the biscuit sector in Greece, although the US remains the biggest re-sealable label market - making up 50% of revenue.
A new customer service centre has been introduced in Milton Keynes to handle inquiries from small customers, with Mr Atkinson saying early results have been "very encouraging".
Macfarlane's change in broker to Arden Partners in June has already introduced some new institutional shareholders - albeit all of them are so far staying below the 3% level which would trigger an announcement of their stake to the stock market.
Mr Atkinson said: "That gives us confidence as these are high-quality investors who are backing our analysis on the future of Macfarlane Group."
In the six months to June 30 Macfarlane lowered its net debt from £7.8m to £7.2m while its pension deficit dropped by £2.1m to £16.8m.
The Glasgow company maintained its interim dividend at 0.5p in a move which finance director John Love said had been "well received".
Shares were flat at 33.25p.