Pre-tax pre-exceptional profit rose 3% to 2.1m and post-exceptionals were up 41%.

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 by its recent appointment as a supplier to Penguin.

Following the firm's installation of a third Timson web and the move to a third shift in its bindery it has taken on the contract without any capital expenditure.

"Commercial and financial printing continues 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 near future for the group as a whole."

Fulmar H1 2005 (2004)
Total revenue 20.55m (21.63m)
Pre-tax pre-exceptional profit 2.07m (2.01m)
Pre-tax post-exceptional profit 2.62m (1.86m)

Divisional turnover
Commercial 13.99m (15.09m)
Books 6.56m (unchanged)