Buhrmann's share price has soared 39% to 6.50 (e10.51) despite the company reporting a dramatic drop in third-quarter net profits.

The market had expected the paper and office products distributor to issue yet another profits warning, having embarked on a structural cost-saving programme earlier this year (PrintWeek, 18 May).

"We don't expect to see an improvement until at least the middle of next year," said corporate communications manager Ewold de Bruijne.

He said the cost-cutting programme, which has seen the group lose 10% of its workforce, or just over 3,400 staff, would continue with budget restraints and cuts in travelling and marketing costs.

Net profits fell by 64% to 13.5m on the same period last year, with lower advertising spend hurting the paper merchanting division, where earnings fell 39% to 10.5m.

The division also reported a slight fall in sales on the same quarter last year, from 463m to 459m.

Net sales for the group rose 10% to 1.6bn, mainly due to the acquisition of US Office Products and the Dutch group Samas.

De Bruijne said Buhrmann's strategy would not change. "That includes being on the acquisition trail as and when the right opportunity arises," he added.