The US economic slowdown and "soaring energy costs" have failed to derail Quebecor World, which has reported record income for the first quarter of 2001.
Despite a 3% fall in revenue to 1.1bn ($1.58bn), operating income before amortisation rose 5% due to synergies from Quebecors merger with World Color and "cost containment initiatives".
Net income rose 13% to 30m and the group said it was "in a strong position to take full advantage when the US economy rebounds".
In Europe, the group is focusing on "strengthening the French platform" and expanding its pan-European sales and marketing activity.
President and chief executive Charles Cavell said the results showed that Quebecor Worlds "diversified product strategy and global footprint" placed it in a "unique position" to deal with challenging markets.
And he reiterated that the group was looking at a number of acquisition opportunities "in all our geographies".
In March the group issued 175m of senior notes to a group of private US investors to completely repay the bank debt incurred for the World Color buy.
Story by Gordon Carson
Have your say in the Printweek Poll
Related stories
Latest comments
"Congratulations to all! But I think Aidan and Steven need a few more first names between them……."
"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
Up next...

Up to 20 jobs at risk
Plockmatic Group to move production from Milton Keynes

Key growth area
Andy Webb takes on expanded remit at Fujifilm

Now has more than 100m customer reminders logged
Moonpig begins search for new CEO, reports on FY2025

25% improvement in productivity