He told the Institute of Papers (IoP) seventh annual lecture, staged this week at Stationers Hall in London, that advertising levels had seen dramatic falls, but that this had heralded a new era of printing personalisation.

In his speech, entitled Prints Prospects, Hibbert predicted that in five years time digital print would account for 25% of the market, compared to just 5% currently.

Hibbert said the events of 11 September had also forced everyone to take stock following a period of massive growth.

He claimed the industry had been hampered by government legislation, particularly the National Insurance contributions rise, which will cost Polestar alone an extra 1.2m.

Hibbert also indicated he would not be afraid to make tough decisions on overcapacity: Where we see capacity is not providing us with a return on our investment we will close it down, he replied to a question from the floor.

On the publishing industry issue of unsold magazines, he said technology would help reduce wastage, but revealed this was still a major problem with some 40% of magazines produced currently being pulped.

Hibbert said the industry as a whole needed to work together to get its message heard, a matter which he felt was being helped through the Print Industry Forum.

-The Gold Medal for the IoPs top student went to Maurice Ahern of Polestar, followed by Matthew Willis of BBC Magazines in second place and Bruce Shaw of merchant Premier Paper in third.

Story by Andy Scott

Pictured: Barry Hibbert