In the first four months of 2009, the Italian paper manufacturer and merchant said the group had reached and, in some cases, exceeded its targets.

Fedrigoni president Alessandro Fedrigoni said the results were achieved in an economic climate "far from favourable" for the papermaking industry.

"With substantial increases in the costs of energy and raw materials, and significant world economic and financial deterioration in the last months of the year… we achieved positive results in all the areas in which we operate."

He attributed the results to the group's development of products and desire to enter new markets.

Turnover for the group was €665m, up by 6.2% compared to €625m in 2007, while net consolidated profit was €36.3m, up from €31.2m in 2007.

Fred Haines, sales director UK and Ireland for Fedrigoni UK, said it was company policy not to report on individual business units, but said UK results were in-line with the group results.

He said: "Our good share in digital print is helping during the recession, which is suffering less than litho.

"We have also continued to promote our speciality grades where demand is holding up better than commodity. However, we are also feeling the weak demand, so are not completely immune."

The Fedrigoni Group manufactures high-quality speciality papers and boards, and distributes its products to more than 60 countries worldwide.

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Analysis: Unfazed by hard times, Fedrigoni plans digital and environmental expansion