The group achieved sales of €205.3m over the period, down €14.5m compared with 2007.

It said the 2008  result is broadly in line with 2007, despite difficult market conditions and pointed out that last year's results were bolstered by several exceptional items, including the sale of 2organize, which had a net effect of €3.7m.

The first half of 2008 saw personnel and other business costs cut by €3.5m to €81.4m, while EBITDA fell by €1.4m to €14.2m.

RSDB said in a statement: "Market conditions remain difficult, leading to further price erosion and pressure on margins. Moreover, raw material costs have increased, but not all the increases could be passed on to the market."

However, the company added that its possible merger with Quebecor World Europe was both "timely and significant" in light of current trading conditions.

It recently transpired that RSDB's Caris will take the help of a combined RSDB and Quebecor World Europe, according to details made public by Dutch private equity group HHBV, which has outlined a proposed bid for RSDB.