The group, which acquired print manager AccessPlus in a £26m deal in May 2008, posted a 7.8% rise in turnover, to £181m, coupled with a 6.7% increase in pretax profit, which rose to £9.6m.

However, the group's net indebtedness slid into the red following last year's acquisition spree, in which it also bought Accord Office Supplies, leaving it with £29.7m of debt, compared to net funds of £6.4m in 2007.

Group chief executive Simon Moate said that the company would leverage its newly-acquired Business Process Outsourcing (BPO) capability in 2009 in order to improve o2o's position as a managed services business.

"We are focused on organic growth opportunities, the complete integration of our recent acquisitions and improving the efficiency and the cash generation of the o2o group," he added.