The agreement to raise prices is in recognition of the unprecedented increases in raw material and utilities costs facing UK printers and follows a period of significant capacity reduction in the UK web offset market.

Gary Charlton, head of production at Haymarket Media Group, said: "Haymarket is pleased to support Wyndeham with this extension. In view of the turmoil within the UK magazine printing industry it is vital that, as one of the largest publishers, we support our key print supplier.

"We've done this by committing to a long-term arrangement and will pay fair prices that will allow Wyndeham to make a return on the excellent work it produces for us. I believe Wyndeham will remain the leading web offset group and the one we want to be associated with. We look forward to continuing our 40-year-old partnership with Wyndeham."

Wyndeham will continue to print 23 titles for Haymarket, representing most of its consumer weekly and monthly magazines, including Autocar, What Car, Classic & Sports Car, FourFourTwo and Stuff, as well as certain business magazines, such as PR Week, Marketing and Management Today.

Paul Utting, chief executive of Wyndeham Group, said he was delighted with the contract extension.

"Importantly, [Haymarket] understands that the substantial industry-wide raw material and utility cost increases we've incurred recently have to be passed through the supply chain if there is to be a viable web offset industry in this country and if Wyndeham is to remain healthy for the long term," he added.

"This deal further builds on the strong successful relationship between our companies and again signifies Haymarket’s long term commitment to the future of Wyndeham."

Haymarket last agreed a two-year contract extension with Wyndeham in May 2009, shortly after the group was sold to Walstead Investments, in a deal which was described as "business critical" by Wyndeham Heron managing director David Emeny.

Since then Walstead has taken a lead role in the consolidation of the web sector, acquiring Southernprint in July 2009, Apple Web Offset in November 2010 and St Ives Web in March 2011.

At the same time overcapacity in the sector has dramatically reduced, following the closures of St Ives Andover, St Ives Edenbridge, G&H Web Offset, TPF Round Spinney, Journal Print, Wyndeham Apple and Wyndeham Plymouth.