The financial restructure, which was completed post balance sheet on 30 March 2012, comes almost exactly three years after Adare's last £47.7m debt-for-equity swap in March 2009.

While the 2009 deal included a share premium of £15.7m and the issuance of 32m preferred shares of £1 each, details of the 2012 deal were not revealed in the group's 2011 accounts, other than to say that "a portion of the group's bank borrowings were converted to equity".

A further note in the accounts revealed that the repayment dates of the group's outstanding bank loans, which had been scheduled between 2012 and 2014 prior to the restructure, have been extended.

At the 31 October 2011, prior to the latest debt-for-equity swap, the Huddersfield-based print manager's bank loans stood at £49.4m resulting in an interest charge of £6.2m for the year.

The directors report highlighted turnover growth of 14.8%, from £128.7m to £147.7m, and the group's operating profit, which - excluding a £7m goodwill impairment and other non-recurring expenses - came in at £3.3m, down 10.4% on 2010's £3.7m profit.

However, as a result of the goodwill charge, the group made an operating loss on continuing operations of £4.1m (2010: £2.5m profit), which - after the £6.2m interest bill - led to a pre-tax loss of £10.3m, more than double last year's £4m loss.

The group's net loss came in at £10.3m (2010: £3.9m), while net liabilities totalled £5.9m on 31 October 2011, compared with net assets of £3.8m at the end of the prior financial year. Net debt increased 5.9% to £46.3m (2010: £43.7m).

Commenting on the latest debt-for-equity swap in the directors' report, chief financial officer Kevin Herbert and chief executive Robert Whiteside, said: "On 30 March 2012, as part of a group restructuring, a portion of the group's bank borrowings were converted to equity.

"The impact on the group consolidated balance sheet of this debt-to-equity conversion was that the balance sheet returned to a surplus of shareholders' funds from that date.

"The directors have reviewed profit and cash flow projections of the group, which indicate that the group will be able to comply with all banking covenants under the new financing structure and will be able to discharge all other obligations as they fall due, for the foreseeable future."

In a press release announcing Adare's "new financial facilities" Whiteside said: "We have a clear and ambitious development and investment strategy in place to ensure we are able to meet the constantly changing requirements of our customers and we are delighted to have received the continued support of Lloyds Banking Group and the wider lender group who have provided new, improved and extended financial facilities, deleveraging our balance sheet in the process, and providing the necessary capacity to channel more investment into the business and drive our performance forward in the coming years. It's great news for Adare and great news for Yorkshire."