Food, fuel and feed distributor NWF Group booked a flat first-half profit after rising sales were offset by one-off pension costs.
Pre-tax profit for the six months through November was steady at £1.9m, even as revenue rose 12% to £330.5m.
Adjusted pre-tax profit, which excluded the pension adjustment, rose 9.1% to £2.4m.
NWF kept its interim dividend steady at 1.0p per share and said its full-year expectations for trading performance and net debt levels were unchanged.
At 2:05pm: (LON:NWF) NWF Group PLC share price was -10p at 171p