Glasgow-based packaging firm Macfarlane Group said 2018 was another year of “significant growth” as it reported its sales rose 11% to £217.3 million and profit before tax and exceptional items rose 20% to of £11.2 million.

“The trading performance continued the positive trends of recent years and was in line with market expectations,” said Macfarlane.

The Macfarlane board is proposing a final dividend of 1.65p per share, amounting to a full year dividend of 2.3p per share, a 10% increase on the prior year.

Macfarlane chairman Stuart Paterson said: “The increase in profits in 2018 represents the ninth consecutive year of profit growth for Macfarlane Group.

“2019 has started well and our profitability in the year to date is ahead of the same period in 2018.

“Our strategy continues to focus on the delivery of sustainable profit growth by concentrating on added value products and services in our target market sectors, combined with efficiency improvements and the identification and completion of value-enhancing acquisitions.

“This strategy, which is continuously refined, has served all stakeholders well in recent years and we remain confident that it will continue to do so. 

“Macfarlane Group’s performance in 2018 reflects the successful implementation of this strategy and despite the ongoing uncertainties surrounding Brexit and the difficulties being experienced in the retail sector, we are confident that the group will demonstrate further progress in 2019.”