Packaging firm Macfarlane reports profit rise

The firm said market conditions remained difficult, but there were signs of better conditions ahead

Packaging firm Macfarlane has reported a 22% rise in pre-tax profits on flat sales, but has urged caution about the future.

In the first half of this year, the Glasgow-based firm made a pre-tax profit before one-off items of £1.6m - up from £1.3m in 2012.

Revenue was up slightly to £68.1m and debt was reduced by £0.6m to £7.2m.

Chairman Graeme Bissett said the company continued to make progress in spite of "difficult" market conditions.

On future business, he added: "There are some signs of better economic conditions ahead, but this has not yet been reflected to any appreciable extent in market demand.

"Caution remains the watchword, but we see opportunities in those sectors which are exhibiting recovery and growth."