Despite what the south commercial book printer described as "challenging trading conditions throughout 2005", pre-tax profits were up 8% on the previous year to 3.8m on sales down 4% to 41m.

The firm said the improved result was consistent with its strategy of targeted re-organisation of the unprofitable elements of its business.
Sales for the group's commercial and financial printing business fell by 8% to 26.6m.

However, its book businesses continued to perform well, with sales up 4% to 14.3m, reflecting sustained demand.

Chief executive Mike Taylor said that while the firm's commercial print business continued to operate in a sector in which demand was static, capacity under-utilised and prices forced down, signs of improvement were visible.

"This is further supported by increased demand for financial print," said Taylor.