McPherson’s Limited, which incorporates the larger Consumer Products division, posted revenue of $190.1m for the six months to 31 December 2009, up 1.8% from $186.8 year-on-year.

But sales at its book printing arm dropped 8.2%, down $2.9m year-on-year to $32.4m for the period.

Earnings before interest and tax (EBIT) fell to $1.5m, an 11% year-on-year fall from the $1.7m it posted in the six months to 31 December 2008

The fall was blamed on “continuation of subdued market conditions, particularly with respect to professional reference publications”.

However, in its statement to the ASX, McPherson’s said the print group had strong cash flow and had managed to maintain similar margins to the previous year.

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