Quoted packaging group ILP has reported a pre-tax profit of €1.8 million (£1.4 million) for 1999, continuing its recovery after losses in the two previous years. But the group will not be making a dividend payment as it wants to invest in the business.

ILP's turnover rose to €28.8 million in the 12 months to December 31st, 1999, up 20 per cent from €24 million in 1998.

The company said revenue growth was hindered in the final two months of the year as fears of the millennium bug saw demand fall below expectations.

ILP produces foam packaging for firms in the IT and electronics sectors.