This statutory result, alongside a 61% fall in profit before tax to £8m, reflects a challenging 2025 marked by economic headwinds, rising operating costs, and the impact of a tragic industrial incident at the newly acquired Pitreavie facility.

Despite these pressures, the group’s annual revenue grew by 11% to £300.8m, bolstered by the performance of its manufacturing operations and the integration of Polyformes Limited.

The group’s adjusted profit before tax, which excludes non-recurring items such as a £1.9m pension equalisation charge and amortisation, stood at £15.6m. While this represents a 38% decline compared to 2024, the board noted that the performance remains in line with revised market consensus.

The packaging distribution division faced a particularly difficult trading environment, characterised by weaker demand and margin pressure.

Manufacturing operations performed well, specifically within the aerospace, defence, and space sectors.

Financial stability remains a priority, with the group maintaining a healthy net cash inflow from operating activities of £24.8m. This liquidity supported continued investment in the business, a £4m share buyback programme, and the maintenance of the total dividend at 3.66p per share. Net bank debt concluded the year at £16.2m, leaving the group well within its £40m banking facility which extends to 2028.

Looking ahead to 2026, the board expects the competitive environment to remain demanding. Management intends to focus on recovering the Pitreavie business following a £1.2m investment in new equipment, alongside driving operational efficiencies and new business development in industrial markets. While further acquisitions are not anticipated in the immediate term, the group remains committed to its long-term growth strategy and sustainability goals, including the continued electrification of its delivery fleet.