Consumables sales fell 10% to 54.3m, which was also due to price discounting.
However, the group said it had been successful in growing its market share, while sales of electronic equipment rose from 12.1m to 13.6m, representing another record year.
But sales of traditional equipment fell by almost a third to 2.9m, an expected, gradual decline as newer technology takes over.
The groups pre-tax profit for the year was 2.04m, after adding back 1.47m of exceptional charges incurred in reorganisation. Sales fell from 76.8m to 70.7m.
It said that although there were currently few signs of an upturn in the printing industry, margins were holding up well.
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"It's wrong to assume the Chinese are behind the curve on automation - it used to be the case that manual processes were kept becuase it was cheaper to use them than buy the automated equipment,..."
"Incredible, what a business!"
"Sad news. Their prices were unsustainable - it was a race to the bottom."
