Oakhill group, the de-merged print and packaging division of James Crean, has announced a 21 per cent rise in operating profit to €12.27 million (£9.66 million) in 1999 from €10.15 million (£7.99 million) in 1998.

Most of this growth, around 13 per cent, was due to acquisitions, 2 per cent came from currency transactions and 6 per cent was organic.

It has declared a maiden dividend of 0.8 cents per share.

Trading conditions in the principal markets for its print division "continue to be very competitive", the preliminary statement said. This division saw a rise in sales to €78.59 million from €64.95 million and an increase in operating profit to €10.09 million from €7.97 million.

The plastic card business is said to have contributed strong volume driven growth and, within commercial printing, the museum and fine art sector performed well. The labels business "continued its recovery".

The packaging division had to contend with a drop in sales to €31.98 million from €33.08 million, while operating profits were virtually unchanged at €2.18 million. The fall in sales is attributed to competitive pressures. Adjusted earnings per share grew by 40 per cent from 8.14 cents to 11.38 cents. The net debt was reduced to €35.93 million from €36.49 million and the gearing was cut to 71 per cent from 85 per cent. Operating cash flow went up to €17.67 million from €13.58 million due to higher profits and "tight control of net working assets", the group said.

On the future, Oakhill said it had developed a strategic development plan to pursue opportunities in the growth areas of print management and direct mail.