The Melbourne- and Sydney-based packaging company posted revenues of $42.6m for the six months to 31 December 2009, a 5.6% rise from $40.3m for the corresponding period a year earlier.

The company also saw a 10.8% rise in its net profit after tax, up to $3.7m from $3.3m a year earlier.

“Colorpak sales growth was steady, indicating the resilient nature of the industries the company serves,” company directors said in a statement.

“Both higher sales and strong operational efficiencies contributed to the higher profit achieved.”

Colorpak said it would continue to tighten its belt over the coming yea0. Capital expenditure on plant and equipment is to be “contained to less than $1m”.

The company reported net capital expenditure over the first half of the current financial year as $400,000.

The company also reduced its net debt by $2.8m year-on-year from $27.9m in June 2009 to $25.1m.

Other highlights included the retention of major client Astra Zeneca for another two years, as well as a “strong turnaround” in its Foilmasters business, which had suffered through a difficult 2008.

“Despite a relatively sluggish start to the new financial year, in NSW in particular, we were pleased to record a solid result for the first half,” the company said.

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