In a very tough world, for us to have actually improved our performance was particularly gratifying, especially as we also had some disruption because of growth and expansion, Pindar said.

Sales in the year to 30 September 2003 rose 7% to 94.6m, while pre-tax profits increased by 7.6% to 4.7m.

During the period Pindar installed a fifth unit on the new 48pp Lithoman at its Eastfield plant, and took on a new building to house its expanded bindery. It also won a major contract with Avon, although this did not contribute to the 2003 results.

Since its year-end the group has also increased its stake in the Alphagraphics print shop chain to 69%.