In a pre-close trading statement, the print and print management group said turnover in the first half would be "marginally over" the 131m figure posted for the same period last year, although operating profit would remain flat.

Major contract wins worth more than 25m, with HBOS, the Department of Work and Pensions and Lloyds TSB, will have a positive impact on full-year figures, the group said.

But for the first half, the cost of European expansion at its print management arm offset the benefits of an increased turnover at the division.

Restructuring the transactional print arm earlier this year increased profits, while "overcapacity and deflationary pricing" have remained a challenge to
the print and direct mail division. Communisis also revealed that its rebranding, announced in March this year, is now completed.