Charterhouse attributed its sales growth to new business wins, expansion into new geographical markets and the introduction of additional services, which it said would continue over the coming years.

In the CEO's report accompanying the accounts, Charterhouse chief executive Gary Mahoney said: "The financial year saw a continuation of the growth trajectory enjoyed in previous years... aided by the first full year's trading of [several] pan-European contracts.

"Encouragingly, the [growth in] operating profit for 2010/11 is testament to the success of the diversified service lines that the company now delivers."

The Hatfield-based print management business posted sales of £98m (2010: £83m) and more than doubled its operating profit from £845,000 to £1.7m, but was hit by a £3.1m interest charge, up from £2.8m the year before.

As a result, the print manager recorded a pre-tax loss of £1.3m and a net loss of £1.8m for the year, although these were both improved versus 2010's £2m pre-tax and £2.5m net loss respectively.

Despite the high interest bill, Charterhouse said it was "very comfortable" with its current debt level and pointed to the reduction in net debt, down 5.9% to £18.9m, and "significant cash balance" of £6.5m in its balance sheet.

The firm added that its debt to EBITDA ratio – at 3.4:1 – was "conservative for a private equity-backed business" and said that it had "comfortable covenant headroom and long term banking facilities, which are committed until 2014".

Charterhouse’s bank debt stood at £25.3m at 31 May 2011, down from £26m the previous year, with the bulk of this – £23.6m – due to mature between two and five years. A further post-balance sheet debt repayment of £1.1m was noted in the directors' report.

A spokesman said: "We expect the business to refinance well ahead of the debt maturity date, and do not envisage this being difficult given the conservative quantum of debt in the business."

The company also dismissed speculation linking it to rival print manager Adare, with which it shares a private equity backer in the form of Coller Capital.

"No discussions between the companies have taken place," said a spokesman. "Charterhouse has no manufacturing arm [unlike Adare], enabling independence when selecting the optimum print solution."

He added that the company did not see a need for consolidation in the print management market "given our current growth and cash generation" and highlighted ongoing investments such as the firm's new London-based digital production unit.

The digital facility was opened in December and acts as the central hub for the company's digital production offering across 35 European markets. Clients serviced by the hub include Sony, Mini, E.on and Burger King.

Charterhouse head of digital production services Ivan Skoric said: "Our clients are beginning to reap the benefits of decoupling production, as they have done with print production for many years.

"We have a very strong proposition in this area, and it is developing apace. Our approach helps clients to simplify their operations and deliver timely, crafted and cost-effective digital communications."