The improved results, announced at the companys AGM on 27 June, reflect a considerable improvement for the Scottish papermaker since former Klippan director Alan Walker took over as chief executive in November last year, when Klippan acquired the Caldwells mill in a 2m plus deal (PrintWeek 1 November 2002).

At that time, Inveresk posted an operating profit of 338,000, with exceptional costs due to closures and redundancies creating a 10.2m post tax loss.

Walker said he was delighted by the recent improvement in the companys performance.

The market remains tough and challenging but we continue to plough forward with our progress, he said.

The companys half year results for the six months to 30 June are due to be announced around 28 July.