The announcement on 19 January wiped 14.5% off its share price in a matter of hours when shares fell from 3.18 to 2.72.

In it, the group said that most of its markets continued to suffer from "overcapacity and fiercely competitive" prices, and confirmed that it would lose "some work", a reference to the Emap contracts.

The announcement was made at the same time as Polestar revealed its latest results and confirmed that it had become Emap's primary print supplier.

Group managing director Brian Edwards said St Ives, which retains Emap's New Woman and some smaller titles, would continue to focus on those areas of the market with a high added-value and service element and steer clear of ultra-long runs, which may be best suited to "other processes".

"You have to service the markets where you can make adequate returns otherwise you can't reinvest in new equipment, or anything else for that matter," he said.

Edwards added that the share price, which was at 2.69 as PrintWeek went to press, "reflected the revised [trading] forecast".