Packing company Mpac Group swung to an annual loss owing to one-off pension costs, though its underlying earnings rose.
Pre-tax losses for the year through December amounted to £7.4m, compared to a profit of £4.3m on-year.
Underlying pre-tax profit rose 27% to £1.4m, as sales climbed 9% to £58.3m.
The company decided to not pay a final dividend.
'In the past year we have continued to make sound progress with our strategic plans and have delivered top line growth, improved financial performance and increased our order book,' chief executive Tony Steels said.
'We faced a challenging first half of the year with slower-than-anticipated order intake and two legacy contract issues, which the management took swift action to resolve and we are now confident that we are back on track to achieve our strategic aims.'
'The group entered 2019 with a stronger order book than the previous year and 2019 has started positively with order intake for the first two months ahead of the same period in 2018.'
'Progress continues in the development of the One Mpac business model and the group's future prospects remain positive'
At 9:29am: (LON:MPAC) MPAC Group Plc share price was +7.5p at 142.5p