Packaging group Transpaco said yesterday that its performance in the year to June had been dented by the unfavourable economic climate. 

As a result of customers reducing their spending, softer demand for recycled material and selling price deflation, headline earnings per share slid 20.4% to 262.6cents. The company said an aggressive focus on marketing and sales strategies remained the key to meeting the challenges of the current economic environment. 

It said it would maintain strict financial control, while pursuing appropriate acquisitions. Transpaco declared a dividend of 120c a share, down from 150c a share in the previous year.