Shares in the AIM-listed print management group closed at 17.5p, down 2.25p, due to a trading statement that revealed its results for the full year to 31 December 2004 would be slightly below market expectations.

The group said the implementation of TripleArc's proprietary software and other operating platforms across the group, which has now been completed, had "diverted some technology division resources away from their main focus of generating external revenue".

Chief executive Jason Cromack pointed out that the positive impact of the HFS buy and the securing of a number of new print management contracts it landed two big deals from Virgin among others in 2004 would be evident in its figures for the current year.

HFS Projects comprises the Stream Direct Communications and StreamGWC data management and direct mail fulfilment businesses, based in Cirencester and Swindon respectively. It was acquired by TripleArc on 31 December in a deal worth up to 8.6m. See separate story.

Story by Lauretta Roberts