Macfarlane Group PLC on Thursday said profit grew in the first half of the year amid lower costs, while recent acquisitions contributed to a revenue increase.
The Glasgow-based supplier of protective packaging materials said pretax profit jumped by 12% to £10.0 million in the six months that ended June 30 from £8.9 million a year before. This came as cost of sales fell by 2.0% to £90.3 million.
Revenue rose by 2% to £141.6 million from £139.2 million a year prior, despite ‘lower demand’ from customers in the UK and Ireland.
This was partly attributed to a £6.3 million contribution from its acquisition of A&G Holdings Ltd in April and Packmann Gesellschaft fur Verpackungen und Dienstleistungen mbH in May last year.
Macfarlane raised its interim dividend by 4.4% to 0.94 pence from 0.90p the year before.
Looking ahead, the company said its full-year profit expectations remain unchanged.
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