The former sheetfed division of Manroland, which Langley bought out of administration in February, was said to be financially self-sustaining by chairman Tony Langley.

He said: "Since February we have been supporting the management to re-align the Manroland business to current levels of demand and to adjust from the institutional management style of the former Manroland AG.

"The business is trading within expectations and has generated positive cash flow during these first five months and is standing on its own feet financially, which I expect it will continue to do so, albeit at a much reduced level to that enjoyed just a few years ago.

"We have not incorporated the Manroland division into the group at this stage and it will remain outside until completing its first full year of trading under our stewardship."

Langley said that Manroland's insolvency had been "one of Germany's largest corporate failures in recent years" but that it had been "significantly re-structured" during its brief insolvency, leaving a "viable investor proposition".

Commenting on the state of the sector in general and the plight of Manroland's rivals, Langley said: "Others in the sector languish with hopelessly disproportionate costs, which I expect will keep margins depressed for quite some time yet, but longer term the fundamentals look right for businesses that successfully adapt."

For the six months to 30 June 2012, Langley Holdings recorded a pre-tax profit of €39.3m (£30.7m) on a turnover of €238.2m.