The Leeds-headquartered print service provider recorded a £7.6m profit before exceptional gains for the six months ending 30 June, compared to just £4m for the same period in 2007.

In addition, the company reduced its debt by £11.3m to £15m, assisted by an £8.2m investment off the back of June's £12.8m deal to sell its Bath Business Forms division.

Communisis chief executive Steve Vaughan told PrintWeek: "We have now got the business on a firm foundation having reduced debts and increased profits.

"Now we are looking to capitalise on our improved customer service, price point and quality, and take the business into its third phase of growth."

Vaughan said cross selling was the key to the future growth of the company, claiming that 26 of its top 100 companies now use the company for more than one service.

Direct mail is rapidly becoming the jewel in Communisis' crown, posting a 640% rise in profits to £3.6m.

Vaughan said clients were starting to see the benefit of direct personalised marketing communication with existing customers, adding that below the line spending in financial institutions appeared to still be on the rise despite the advertising downturn across other advertising areas.

He added that while the company was not immune to the financial climate, it was on a stable track and he looked forward to the end of the year with confidence.