The Merthyr Tydfil-based magazine printer said that it was confident to spend money on upgrades, thanks to the eradication of some weaker competition.

In the coming year, a large amount of the company’s current machines will be replaced or upgraded and additional machines will be brought in to bolster its current offerings.

Stephens and George bought its third perfect binder last year, while plans are already afoot to replace relatively new presses in the next 12 months.

Speaking to PrintWeek at this week's Publishing Expo, the South Wales company said it was faring well during the economic downturn.

Group sales director Nick Pressling said: "It is a good time for the company. We are benefiting from other less well-equipped companies not being around anymore."

Commenting on the show, held annually at London's Earls Court 2, he added: "This is the best it’s ever been.

"We’ve got lots of business cards, good quality leads and plenty of serious buyers. Last year people were looking for the magic bullet; this year they are seeking out that 1% improvement, so people are soaking up everything."