Profits plummet at Tullis Russell

PAPER maker Tullis Russell has seen a drop in profits from £4.2 million to £500,000 as energy and raw material costs soared.

But the Scottish firm said it had managed to cut its debts, giving a more hopeful outlook for the future. The employee-owned company, which is headquartered in Markinch, Fife, added the effects of the strength of the pound against the dollar in some export markets were largely to blame for a drop in turnover from 138m to 136m.

Chairman Fred Bowden said: "This was a good performance in extremely difficult trading."