Oakhill's operating profit dropped 30 per cent last year due to the disposal of its Meridian Print business and the strength of the euro.

The printing group reported operating profits of €2.98 million, down from €4.23 million the previous year. Sales were down 27 per cent to €47.7 million.

The company said that while trading in the current year is in line with expectations, it remains cautious about the general trading outlook due to ongoing downward price pressures in the sectors in which it operates.

Oakhill has two main divisions. Its managed services division includes card services, card production and the printing of marketing materials. This division reported a 6 per cent rise in sales in local currency terms last year while operating profit was up 10 per cent.

Its speciality print division reported flat sales in local currency terms last year while operating profits were up by 44 per cent.

The company said it completed the sale of its Technique Labels business for £0.5 million sterling on April 27th. In January, it sold Cutting Edge, a small specialist trade finishing business, realising around €100,000.

The company has raised around €20 million from disposals in recent years, which it has used to pay down debt. Net debt at the end of December was €4 million, having been cut by €30 million over the last three years. The debt/equity ratio stood at 29 per cent at the end of last year, down from 61 per cent.