Glasgow-based packaging firm Macfarlane Group said on Thursday its 2019 sales rose 4% to £225.4 million and profit before tax rose 10% to £12 million.

“This marks the tenth consecutive year of profit growth,” said Macfarlane.

“The performance in 2019 was in line with market expectations and was achieved against a well-publicised backdrop of economic uncertainty resulting in weaker demand.”

Macfarlane is proposing a full year dividend of 2.45p, a 7% increase on the prior year.

Macfarlane chairman Stuart Paterson said: “Continued profit growth over a ten year period confirms the board’s confidence that its consistent strategy of positioning the business to serve key growth markets in the protective packaging sector remains appropriate and continues to be effective.

“2020 has started well and profitability in the year to date is ahead of the same period in 2019.”