Heavy investment and a rationalisation programme paid off for Wyndeham Press Group, the Hove-based printing firm.

The company, headed by former Brighton and Hove Albion chairman Bryan Bedson, reported a 197 per cent rise in profits for the six months to September 30.

Profit before tax was £3 million, up from just under £1 million for the same period last year.

Operating margins for the firm, which includes Southwick printing firm Grange Press, rose from 4.4 per cent to 7.2 per cent.

Mr Bedson said: "The performance has significantly improved in the first half against a background for our industry and the UK economy that remains extremely challenging.

"Profitability and market share have all shown substantial increases in the period, reflecting our focus on cost control and targeted investment, and our balance sheet has accordingly strengthened considerably.

"Since the period end, we have continued to make solid progress, with a further strengthening of our order book and, ass-uming no underlying changes in the economic and industry outlook, we are confident of the outcome for the full year."

Chairman John Jackson said profitability and market share had shown substantial increases, reflecting the company's focus on cost control and investment.

The group's capital investment programme, which totalled £66 million in the past five years, has enabled Wyndeham to become a technology and cost leader.

Mr Jackson said: "The benefits of this investment have provided us with the flexibility to rapidly increase our commercial and direct mail activities, mitigating the reduced pagination in the magazine division, and it has reduced costs, enabling market share to be gained."

The benefits of the rationalisation program-me, which was started last year, were also being realised.

The company restored its dividend to shareholders at 1.5p a share.