PMP is no longer a billion-dollar business but the company has become "leaner, stronger and more competitive".
The print giant saw revenue fall 10.8% year-on-year to $975.8 million for the 12 months to 30 June 2013.
It also reported a net loss of $69.7 million compared to a $24.5 million loss in 2011-12.
However, PMP would have posted a $14.8 million profit if not for $88.5 million in one-off costs. That was an improvement on the previous year's underlying profit of $8.8 million.
The one-off costs included a $56 million impairment charge on its heatset machinery, $31.4 million for restructuring and redundancies, $12.5 million for closing Chullora, $8.4 million for writing down presses and $7.4 million of onerous lease charges. PMP also made a $27.2 million profit from asset sales.
Chief executive Peter George said he had had three priorities since assuming the job in October: cutting costs, reducing financial risk and making the company more competitive.
[Related: George guarantees to turn around PMP]
PMP made $37.1 million of annualised savings in 2012-13, partly through cutting 412 fulltime-equivalent staff positions. Net debt was reduced from $143.3 million to $89.1 million. Further restructuring is planned.
George said the company now had a more streamlined structure, which had reduced duplication and made it easier to cross-sell across businesses.
PMP Australia saw turnover fall 12.5% to $493.6 million. The division won "a number of major multi-year, national catalogue printing and distribution contracts with some of Australia’s largest retailers". However, the directories business lost volume, as did the book printing business, Griffin Press.
PMP New Zealand's revenue fell 7.3% to $158.8 million, but the company said the division had grown its market share and benefited from the closure of Geon.
Magazine distribution business Gordon & Gotch saw revenue fall 9.8% to $323.4 million due to declining magazine circulation on both sides of the Tasman.
George said PMP had become "leaner, stronger and more competitive" and was now focused on becoming "sustainable and more profitable".
"We expect the core print industry will undergo rationalisation before achieving equilibrium. As the industry leader, we intend to have PMP well-positioned to benefit from this process," he said.
"We believe that the hard work completed so far has created the platform from which the company can begin to grow its business.
"Although there is still much to be done, the decline has been arrested and we are starting to see the early benefits emerge."
[Related: Ups and downs of PMP]
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter