(Alliance News) - Packaging firm Macfarlane Group PLC on Thursday said it met market expectations in 2019, despite seeing subdued demand amid "economic uncertainty".
In 2019, revenue was 3.7% higher at GBP225.4 million from GBP217.3 million, with pretax profit up 10% to GBP12.0 million from GBP10.9 million.
"This marks the tenth consecutive year of profit growth. The performance in 2019 was in line with market expectations and was achieved against a well-publicised backdrop of economic uncertainty resulting in weaker demand," Macfarlane said.
The company upped its full-year payout by 6.5% to 2.45 pence per share from 2.30p.
Macfarlane added that new units Leyland and Ecopac "have both performed well since acquisition".
In September, Macfarlane acquired Leyland for up to GBP3.3 million in a cash and share deal. Ecopac was acquired in back in May for up to GBP3.9 million.
Chair Stuart Paterson said: "2020 has started well and profitability in the year to date is ahead of the same period in 2019.
"Macfarlane Group's performance in 2019 reflects the successful implementation of our strategy and we are confident that the Group will deliver further progress in 2020."
Shares in the company were down 4.6% at 95.38p each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Macfarlane Grp. (MACF)