Turnover rose slightly to 31.3m (2004:31m), while operating loss was greatly reduced at 54,000 (702,000). Gross margins rose 18% to 4.08m, while EBITDA increased to 3.5m (3m).

Chairman Ian Cooper described the results as "crap", adding that last year's Cond Nast launch Easy Living came too late in the year to make much impact.

He also added that the recent gains from Emap, which included Arena, Period Living and Q, due to when the contracts commence, wouldn't help its figures to the end of March 2006 much either.

"It's still hard graft," said Cooper. "It's tough against the likes of Polestar.

He added: "There's no one baling us out."

Cook, formerly commercial director of the Tewkesbury-based web printer, has added responsibility for operational control of manufacturing to her duties, taking them on from Cooper.

"This is a full time job which I was trying to do on a part time basis as well as my other duties as chairman," said Cooper.

She will work with works director Lez Davies to obtain the most effective use of the firm's eight webs, two binders and four stitchers.

Cooper ruled out any further investment, adding: "We've got capacity, we're glad to increase our volumes."

Results for year to end of March 2005

                      2005       2004     change (%)

Turnover         31.3m   31m          +1
EBITDA           3.5m     3m           +16.7
Gross margin   4.08m   3.45m       +18
Operating loss  54,000  702,000     -93