A much improved performance by the long underperforming PMP could buoy investor confidence in the catalogue printing and distribution group. While reported net profit of $0.8 million isn’t substantial in itself, given that it is a significant turnaround from the previous corresponding period when the company recorded a loss of $24.3 million it should be well received.

Bell Potter pointed out that normalised profit while down 6.4 per cent to $7.4 million was ahead of its estimate of $6.6 million. Providing further confidence is the reduction in debt from $92.1 million as at June 30, 2013 to $86.3 million at December 31, 2013.