The group reported underlying EBITDA of €14.1m, up from €12.4m, on net sales of €253.7m against the previous €108.0m.

Operating profit rose to €33.1m from €6.0m, including a gain of €33.0m on the acquisition of Scheufelen.

On an underlying basis, operating profit reduced to €0.8m from €6.0m, principally due to an increased depreciation charge arising from the acquisition.

The group said it had seen a strong improvement in demand for both Graphic and Packaging Papers during the second half.

Demand for the group's products had recovered to close to normal levels by the year end with price erosion and raw material cost increases largely offset by improving volumes.

No dividend was declared.

Story provided by Business Financial Newswire