In the 12 months to 6 December 2014 the Kent-based group, which includes printing, property and publishing operations, posted sales of £19.5m. This was essentially flat on a like-for-like basis against the prior year, when turnover was £22.8m for a 61-week period.

Operating losses at Headley Brothers Holdings were reduced from £1.3m to £454,779.

The printing operation, which is the biggest single business in the group, improved its profitability by almost £1m, reversing 2013’s operating loss of £878,226 to post an operating profit of £61,749.

The firm pointed out that the operating result also included “substantial one-off costs” involved in restructuring the print wing to achieve better efficiencies.

It also moved its invoice discounting facility from Lloyds Commercial Finance to Close Invoice Finance.

“The board has focused its attention to achieving an efficient and lean cost base in order to ensure sustainability in the prevailing marketing conditions… In 2015 the board will continue to raise the level of efficiency, customer service and productivity in order to further improve profitability and strengthen the balance sheet,” it said.

Headley Brothers said it was optimistic about its future prospects due to the move towards shorter run lengths and more “complex and bespoke” marketing requirements, combined with the changes and improvements it has made in its own operations.

“The directors are confident that the continued recovery will be evident in the 2015-16 results, and that those results will demonstrate profits across the board,” it said.

The firm has digital, sheetfed and web printing under one roof, and also offers a range of additional services including fulfilment and distribution, mobile magazine apps, and web design.

It also plans to spin off its Invicta Press property interests, valued at £4.2m in the accounts, into a separate company. This demerger is expected to be completed in November this year.