Adare has recorded a fall in pretax profit from £17.1 million (€21.7 million) to £15.9 million (€20.2 million) in the year ended April 30th 2000. This decline arose despite the rise in sales from £168.9 million to £212.9 million. Profit margins have contracted, reflecting more intense competition in its British market.

Chairman Mr Denis Bergin described the results as "satisfactory" as the group continues to move away from the basic commodity type activities of the early years and towards the higher value elements of direct mail, print on demand, print management and data services, "our areas of focus for the future".

On the future, he said the group is coming to the end of a period of consolidation and is now looking forward to success in its established focus areas. "We have taken hard decisions and invested in these growing sectors."

As most of its operations are in the UK, Adare has benefited from the favourable sterling exchange rate. Expressed in sterling, the growth in sales was 12 per cent, while diluted earnings per share increased by 4 per cent after adjusting for exceptional and non-recurring items, "demonstrating the challenging and competitive environments in which Adare operates", the chairman said. A second interim dividend of 8.5p per share has been declared. That is in addition to the interim dividend of 5.92p which was paid last February.

Adare made a number of acquisitions. It acquired Kall Kwik and Printronic International. It also disposed of Platignum after the year end.