Competition in the softening magazine and catalogue market has printer PMP considering more changes to its business.
The company made cost cuts in response to shrinking demand for magazines and advertising leaflets in 2013/14, enabling it to return to profitability.
PMP swung back into the black with a $3.4 million net profit in the year to June 30, a turnaround from its $70.2 million loss in 2012/13.
"We have substantially reduced the cost base of the business and also considerately reduce financial risk," chief executive Peter George said.
The company expects the business environment to remain challenging in the first half of the 2014/15 year, due to softer retail markets and strong competition in printing prices.
It is working on the next stage of its transformation plan to further simplify and upgrade its operations.
More details of those changes will be provided at its annual general meeting in November.
While PMP returned to profit, revenue fell eight per cent to $899 million as catalogue printing volumes dropped three per cent, but distribution volumes grew 10 per cent.
PMP also said it paid down 42 per cent of its debt in 2013/14, cutting it to a record low of $51.7m.
PRINTER PMP'S COST CUTTING DELIVERS PROFIT
* Net profit of $3.4m, up from a $70.2m loss in 2012/13
* Revenue of $899.2m, down eight pct from $975.8m
* No dividend, unchanged
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