Robert Legault displayed bullish optimism as the former Bath Press posted a net loss of more than 2m and recommended no dividend for shareholders for the financial year to the end of March 2003.

Net losses had nearly trebled on the previous year, to 2.1m compared to 776,000 for the year ending March 2002. But Legault said: "There was a loss of focus in the past few years but now we're back on track. We're going to be cash positive."

He said consolidation and investment over the past year, including the merger between Bath Press and Bookcraft in June 2003, had helped the company to turn the corner.

He added that a 3m investment in equipment and a shake-up of management to create a more "aggressive" team were key changes at the company, which has 275 staff in Bath and 50 in Glasgow.

"Last year we spent close to 3m on investment, with a colour press in Glasgow and two CTP lines in Bath, a new perfect binder, and a new jacketing line."

The accounts also showed that turnover was also down slightly to 29.1m, compared to 29.8m the previous year.

Story by Josh Brooks