27th Feb 2014 14:42
LONDON (Alliance News) - Macfarlane Group PLC Thursday said its pretax profit fell significantly in the full-year 2013 as costs increased.
The packaging company said its pretax profit fell 14.5% to GBP4.7 million from GBP5.5 million the previous year despite a slight increase in revenues to GBP143.9 million from GBP141.8 million in 2012.
The company said its revenues were largely flat due to lower demand and the impact of the offshoring of a key customer.
However, the company's cost of sales increased 2.6% to GBP99.0 million from GBP96.5 million in 2012 bringing down the company's gross profit.
Macfarlane also noted that not including exceptional items following a GBP993,000 payment from administrative expenses in 2012, the company would have posted a pretax profit increase to GBP5.1 million from GBP4.5 million the previous year.
The company declared a final dividend of 1.10 pence increasing its full year total to 1.60 pence compared from 1.55 pence in 2012.
Marfarlane added that it expects general market demand in 2014 to increase slightly on 2013 levels as the UK economy begins to strengthen and the company expects 2014 to be another successful year for Macfarlane.
Macfarlane shares were up 4.3% to 36.5 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Macfarlane Grp.