Based in Canada and with operations in Mexico, the company surprised the markets, announcing a 23% increase to its quarterly dividend to 13.5c a share.

The business showed a 5% rise in adjusted operating income to $61.3m and increased margins to nearly 12%, again down to additional contracts, notably with The Globe and Mail, along with consolidating print work at its most modern facilities.

Cashflow also increased and while capital expenditure dropped to just $8.4m in the quarter, a spokeswoman said the company had just finished a major refit. "Since 2007, we have invested some $700m to upgrade our printing equipment and install a new Canada-wide network of hybrid presses. We are now fully operational," she said.

The company also overhauled its credit facilities, paying off a $100m term credit facility ahead of schedule and announced plans to do the same with a separate $50m facility, while opening a $200m two-year securitization program.

President and chief executive Francois Olivier said he was pleased that "we have generated organic revenue and profit growth for the fifth consecutive quarter in an industry in profound transformation.

"This demonstrates our ability to manage our operations efficiently, grow market share and transform our business to better respond to our customers' evolving needs

"Furthermore our solid financial position provides us with the flexibility to pursue our transformation."