(Alliance News) - Macfarlane Group PLC on Thursday hailed "robust" first half results despite a slight earnings fall.
In the six months to June 30, the Glasgow-based packaging firm's revenue fell 1.8% annually to GBP105.6 million from GBP107.5 million. Pretax profit was 5.5% lower at GBP3.6 million from GBP3.8 million a year earlier.
"Macfarlane Group has achieved a resilient performance in the first half of 2020 despite the challenging market conditions due to the impact of Covid-19," Chair Stuart Paterson said.
"All our sites have remained open and trading throughout, albeit adjusted to service reduced demand, with social distancing and hygiene measures in place to protect the health, safety and well-being of our staff and our customers."
Macfarlane, due to the "stronger than anticipated profit performance and cash position", proposed an interim dividend of 0.70 pence per share, up 1.4% from 0.69p a year ago.
The company added: "There are still significant uncertainties and concerns over future economic conditions. However, the board is confident that, given the resilience of the business in the second quarter, the expected seasonal uplift in the final quarter and actions being taken to reduce operating costs, the group will continue to progress in the second half of 2020."
Shares in the company were 2.6% lower at 91.50p each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Macfarlane Grp. (MACF)