Macfarlane profits grow 27% despite ‘subdued’ markets

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Packaging specialist Macfarlane has reported a 27 per cent rise in annual profits but said there was little evidence of a pick-up in demand amid the tough economic conditions.

The Glasgow-based group said it would continue to focus on growth areas such as internet retailing as it posted a pre-tax profit of £4.9 million for 2012, up from £3.9m the previous year.

Turnover dipped 2 per cent to £141.8m, which chairman Graeme Bissett attributed to weak demand and lower prices, caused by the “particularly challenging” economic environment in the UK.

He added: “Whilst there is little evidence of any increase in market demand, we believe that success in these difficult times will flow from ongoing rational and determined action such as that already taken in 2012.

“We will continue to focus on those sectors, such as internet retailing, which display real growth and I am confident that Macfarlane Group will demonstrate its strengths again in 2013 as we continue to focus on developing the medium term prosperity of the group.”

Macfarlane proposed holding its final dividend at 1.05p per share, which would give a total for 2012 of 1.55p, unchanged from last time.