The group issued a close period trading update earlier today.

It said it had grown market share and that issues with the underperforming commercial and direct mail business had been addressed. Wyndeham suffered poor first-half trading and issued a profits warning at the end of last year.

Analysts are now predicting pre-tax profits of 4.3m (2003: 6.4m).

Contract wins for the group included five titles for Reed Business Information in the second half of the financial year. Wyndeham also won IPC monthly Ideal Home, along with pre-press work for IPC's television listings and women's weekly titles.

"Strong progress" had been made towards the implementation of a centralised sales team, with the aim of achieving a more integrated group offering. This move will be completed by May 2004.

Wyndeham acquired pre-press specialist Graphic Facilities Group in a 5.92m earnings-enhancing deal last month.

It also bolstered its board with the appointment of Roy Kingston, formerly manufacturing director at St Ives Web, as group operations director. Kingston joined at the beginning of April.

Chairman Bryan Bedson said: "We have made great progress in the second half of our financial year having put the group on a sound basis for growth by rationalising our cost base, addressing the issues in our under-performing businesses and strengthening the management team, our group-wide offering and our financial position."

Wyndeham's share price rose by 5.5p to 116p on the news.