The UK's largest print group blamed tough trading conditions caused by the economy and also the fact that the reduction in its own and rivals capacity, including the closure Cooper Clegg in January, has had little effect on prices.

In the six months ending 30 January 2009 total sales from continuing operations were £208m, up from £198.2 in 2008, while pre-tax profits after restructuring costs, provision releases and one-off items was down from £11.6m last year to £4.4m in 2009. The 2008 figures were restated following the sale of the group's US operation in January.

"The markets we serve are heavily influenced by the economic climate and the outlook is very uncertain in most areas. The Group's market position, however, remains strong and our concentration on the supply of cost effective solutions will help to mitigate the impact of continuing volume and margin pressure," said chief executive Brian Edwards, who is stepping down in the summer.

However, the group's commercial division managed to boost sales year on year by 15.4% to £124.1m, although it did record £143,000 pre-tax loss compared to a £1.7m profit in 2008.

The group's media division fared better even though sales fell 7.5% to £83.9m, notching up an operating profit of £8.2m, only 33% down on the year before. The dip in the divisions sales were blamed on the sale of the group's loss-making Dutch multi-media division last September as revenues from the group's book division "rose modestly" and it's magazine arm's sales only dipped slightly - although the group warned of further price pressure, volatile demand and rising costs in the segment.