The Irish print and packaging firm, which owns companies including Bell & Bain and Hythe Offset in the UK, reported a 2% fall in overall sales to 16m, mainly due to tough exchange rates.

Managing director Alan Jordan said that while all sectors remained competitive, the group had benefited from manufacturing improvements at Technique Labels.

Speciality print sales fell 7% to 7.1m but operating profits rose 89% to 723,000.

Oakhills banking facilities mature within the next 12 months, and Jordan said refinancing talks should be completed in two months. It will revert to UK bankers instead of Irish, as most of its businesses are in the UK.