In a trading update released this morning (15 January) the firm said overall trading was in line with expectations, following a busy period that has involved major change including the takeover of the Lloyds Banking Group’s transactional print facilities and a restructuring of its cheque business.

Net debt was “lower than expectations at £25m”.

Chief executive Andy Blundell had previously set a target of achieving 20% in international sales by 2015.

“Given the progress last year we will do that quicker than expected,” he said. “Our international offer is about supporting FMCG clients in the retail space, with merchandising collateral such as point-of-sale and point-of-purchase. We are not manufacturing here in the UK or in the countries involved. The whole delivery is about people and technology, and optimising the supply chain.”

The £230m group will announce its year-end results on 6 March, when it is also expected to show a year-on-year improvement in margins. “We are delivering on what we said, with a further year of growth across-the-board,” Blundell added.

Blundell also said he was pleased with the progress on debt reduction. “It’s been a busy year with contract wins, which can put pressure on working capital to some extent. We’ve brought the debt in better than expected.”

Further M&A activity is also on the cards.

The firm’s share price rose 3p on the news, to 62.5p (52-week high: 68p, low: 42.98p).