A paper mill printed off revenue figures of nearly £50 million last year, kicking off for an expansion drive which saw it take over a greeting card business.

Swan Mill, which makes disposable tableware as well as Christmas crackers and decorations, recorded pre-tax profits of £4.7 million in the year to the end of March, up from £3.9 million.

Turnover grew by more than £5 million to £49.5 million at the manufacturer, which has its head office on a five-acre site in Swanley.

The company’s profitability increased, as profits made up 9.5% of turnover, up from 8.7% the year before, with a 14.7% return on capital employed.

Directors said the good performance of its Swantex brand in the UK and Asia put it in a good place to make acquisitions.

“The directors believe the extremely low gearing and strong cash flows of the group would support further capital investment and acquisitions and will continue to assess the market with a view to capitalising on any well positioned opportunities as they arise...” - Graham Rogers, Swan Mill

It took over of Ling Design in June, one of the UK’s longest established and largest independent greeting card and stationery makers.

It added to the firm brands like Ling Design, Talking Pictures, Rainbow Cards, Max & Sid and Sarah Warren Art.

Director Graham Rogers said: “The group successfully delivered year on year improvement across all key performance indicators.

“The directors believe the extremely low gearing and strong cash flows of the group would support further capital investment and acquisitions and will continue to assess the market with a view to capitalising on any well positioned opportunities as they arise.”

Dividends at the company, which employed 220 people last year, were increased to £3.79 a share, up from £2.53 last year, totalling £750,000.

Operating profit was £4.7 million, up from £4 million a year earlier.

Most of its business comes from the UK, making up £42.3 million of the year’s turnover.

The firm, which makes nearly four billion napkins a year, was established in 1892 and sells under the Swantex brand name, as well as own label.