Book subsidiary McPherson’s Printing Group recorded a6% year-on-year revenue decline to $64.3m. Earnings before tax and significant items fell 12% to $3.8m.

“Sales revenue was below the previous year due to the continuation of subdued market conditions and competitive pressures, particularly with respect to professional reference publications,” the company said.

“Volumes in the ‘read for pleasure’ sector, however, held up reasonably well. Profit margins overall were at similar levels to the previous year with strong cash flows generated.”

Overall revenues for the company stood at $354m, down 0.8% from 2008/09. The company also reduced its net debt from $104.2m in 2008/09 to $71.9m this year.

Managing director Paul Maguire said: “The 2010 result was a very solid outcome given the mixed market conditions, particularly affecting the retail sector in the second half.

“Although a continuing stronger currency would benefit consumer products margins going forward, competitive pressures and the present uncertain economic environment may also impact 2011 earnings. Despite those uncertainties the company is anticipating modest growth in 2011, with revenue and profit outcomes for the first two months of the new financial year consistent with that expectation.”

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