Despite a tough trading climate, turnover for the year rose 64% to 347m (EUR500m) against 2001. Net profits fell 24% to 10.1m during the year, while group pre-tax profits remained unchanged at 23.4m.

The company said the results were achieved against a background of unfavourable market conditions, which were not helped by the reduction in advertising expenditure.

Against this backdrop, the group made investments of 23m during the year, up 53% on the previous years figures. More than half of the investment was directed to its new acquisition, Miliani Fabriano, to develop the mills and upgrade the companys IT infrastructure.

During the year the company said important objectives were achieved in the areas of quality, safety and environment.

Fedrigoni had its ISO 9001 quality certification to Vision 2000 standards renewed, while CPI Certification was also obtained and ISO 14001 certification was renewed for its Verona mill.

The Arconvert and Manter operations also renewed their ISO 9001 Vision 2000 standards, and Arconvert also achieved ISO 14001 environmental certification.

Other mills within the group will aim to obtain these certifications over the next 12-24 months.