Profits rose to $46.4m net, up from $33.2m last year. Sales were up by 3 per cent to $1.288m, up from $1.245m.

However PMP CEO Brian Evans has warned that this year's profit growth will be slower. He says this will be due to excess capacity in the heatset sector and resulting in sales price pressures. Evans also cited PMP's rivalry with Salmat in the catalogue sector as problematic for the year to come.

Evans aimed to steady the financial market though saying that a similar result next year would be a good result, given that he expects sales prices to decrease and wages to increase. PMP's share price slid by 7c on the day of the announcement.

PMP will pay its first dividend for seven years, at 3c a share, due on October 19. PMP's debt fell to a ten year low of $255m, while its free cash flow soared to $90.6m fomr $3.7m.

The increase in profitability has prompted the PMP board to focus on expansion, with both internal and external growth on the agenda. Commenting Brian Evans said, "We can now look at options to grow the business either organically or by acquisition."

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