Macfarlane Group, the Glasgow-based packaging, design and distribution firm, said its revenue fell 8% to £129.6 million and  profit before tax slipped 3% to £9.7 million in the six months to June 30, 2024.

Interim dividend rises to 0.96p per share from 0.94p per share.

“The group continues to invest in actions to grow sales both organically and through acquisition,” said the firm.

“Despite the challenging market conditions our operational and strategic performance is progressing. The group is well positioned to benefit from improvements in the macroeconomic outlook.”

Macfarlane Group cahir Aleen Gulvanessian said: “As outlined in our AGM trading update in May, the challenging market conditions experienced in the latter part of 2023 have continued in 2024.

“The management team has responded effectively through an improvement in new business growth, the management of price deflation and actions to control operating costs. 

“In addition, the group continues to execute its strategy, making two further high-quality acquisitions.

“The strength of our balance sheet and the cash generative nature of our business underpins our ongoing investment in actions to grow sales both organically and through acquisition and increase the interim dividend.

“Despite market headwinds, our operational and strategic performance is progressing, and the group is well-positioned to benefit as the macroeconomic outlook improves.”