Managing director Norman Revill said: "We started to feel things tightening in July 2007. Budgets were being held and printers were only buying what they really needed. From 2007 to 2009, we have completely changed our business model and strategy.

"We have separated our Print Services, Printcom and spare parts business from our sales side and we are able to break even on those three alone. We are set up to break even without sales, so we are sustainable through tough periods."

He added: "This is how it should be in today's world because press sales won't come back in the volumes they were 10 years ago. However, they will come back and when they do we will be in a position to develop the business."

As well as cutting staff numbers and closing its UK converting factory, which has been relocated to the German converting facility, Manroland has made a number of other moves to bring in additional revenue.

It rents space at its Mitcham site to several other companies, which Revill considers "clean businesses", such as Chrisanne  – a dress manufacturer, which produces outfits for shows such as Strictly Come Dancing and Dancing on Ice.

In addition, Manroland's former converting factory is now used to store fine arts.