The US economic slowdown and "soaring energy costs" have failed to derail Quebecor World, which has reported record income for the first quarter of 2001.


Despite a 3% fall in revenue to 1.1bn ($1.58bn), operating income before amortisation rose 5% due to synergies from Quebecors merger with World Color and "cost containment initiatives".


Net income rose 13% to 30m and the group said it was "in a strong position to take full advantage when the US economy rebounds".


In Europe, the group is focusing on "strengthening the French platform" and expanding its pan-European sales and marketing activity.


President and chief executive Charles Cavell said the results showed that Quebecor Worlds "diversified product strategy and global footprint" placed it in a "unique position" to deal with challenging markets.


And he reiterated that the group was looking at a number of acquisition opportunities "in all our geographies".


In March the group issued 175m of senior notes to a group of private US investors to completely repay the bank debt incurred for the World Color buy.


Story by Gordon Carson