Holland described the profit model for the group – which now claims sales of £70m – as "a combination of technology and scale" and said that the "eye-watering" costs of restructuring were now behind the business.

Goodhead, comprising Bicester web offset printer Benhamgoodheadprint (BGP) and Banbury sheetfed printer Stones the Printers, has only just posted its results for the year to 31 May 2009 after a protracted delay.

Finance director Ian Smith said: "A number of technical things had to be agreed with the auditors before they were published. The next set will be out more quickly and we aim to get those out in the autumn."

Sales in the period jumped by 43% to £65.9m, but gross profit fell 15% to £5.1m, while operating losses ballooned to £13.8m (2008: £7.8m). Stones recorded a small profit of £146,000 but losses at BGP hit £19.3m. The bottom line loss for the year was £313,000 greater than in 2007/08 at £18.7m.

However, Holland said the business today was "the antithesis" of what it had been.

"The recession slowed our progress and the level of disruption entailed in transforming the business telescoped many issues into a relatively short period of time," he stated.

"The important thing is that, notwithstanding the eye-watering costs, all of these things are behind us, bought and paid for. Our reputation has improved consistently and significant progress continues to be made."

The results also reflect the recapitalisation of the company, whereby owner Sir John Madejski converted £32m of loans into shares. Subsequent to the recapitalisation in December 2008, he also extended a further £22m in loans to the group.