Macfarlane Group PLC (LON:MACF) said it expects to remain profitable in the year to December 31 despite disruption caused by the pandemic.
The packaging firm said it will recommence dividends when the board has more clarity.
Although the Glasgow-based company expected revenues to drop by 20-25% in the second quarter, they came in at just 7% below last year’s levels.
Sales for the six months to June 30 are estimated to dip 3% on 2019.
Weak trading in the automotive, aerospace and high street retail sectors was partly offset by underlying strength in the e-commerce, medical, food and household essentials sectors, Macfarlane said.
All sites have remained open with reduced activity levels, with 30% staff on furlough though they are now gradually going back to work.
The firm vowed to repay sums already received under the furlough scheme, which a spokesperson said amount to over £1mln.
State support added £4.7mln in the bank, which helped to reduce net debt to below £2mln from £12.7mln six months ago.
Shares advanced 8% to 76.4p on Monday at the opening bell.