Pre-tax profits pre-exceptionals rose 3% to 2.01m and were up 41% post-exceptionals to 2.62m.

Revenues fell 5% to 20.6m, which the firm attributed to the reorganisation of WE Baxter and the closure of the Royle Print specialist greetings cards finishing operation. Both were unprofitable activities.

The South London-based firm's book division had flat sales of 6.6m following a slower than anticipated start to the year, with some contracted business held over to the second half. Paperback wing Bookmarque has been buoyed with its recent appointment as a supplier to Penguin.

"Commercial and financial printing continue to suffer from overcapacity resulting in price pressure," said chief executive Mike Taylor. "However our book operations continue to perform well, winning new business. Therefore, we remain optimistic in the immediate future for the group as a whole."

Share rose 1p to 95p on the release of the results.