Fresh improvement at stationery firm Lyreco

Turnover for the full year in 2015 clocked in at £230.4 million for the full year in 2015, up from £229.7 million the year before.

Pre-tax profits grew more rapidly, rising by 20 per cent to £17.3 million for the year.

The Telford-based company, part of a French stationery giant, said the figures met expectations, adding that the profit figure "represents an excellent return during a gradually improving economic period."

It added: "The company maintained strong controls over its operating expenses, continued to focus on driving efficiences and maximising working capital opportunities and also benefited during 2015 due to the strength of sterling versus the euro.

"During the year the company continued its ongoing investment in both of its corporate accounts and field sales divisions, as well as actively pursuing a number of new revenue streams and additional routes to market including the launch of the Nespresso Business Solution B2B division in Northern Ireland."

The strong performance of the pound last year can hardly be said to have persisted into the new trading period, however.

Last week sterling fell to a five-year low against the euro, continuing the collapse it has experienced in the wake of the EU Referendum.

The accounts identified the low value of sterling as a possible risk to business, as it buys certain products in foreign currencies.

However, it uses techniques such as hedging to minimise the risk.

While many manufacturers are celebrating the opportunity to do business with a lower currency value than in recent years, when the pound was trading at a high level, it is less likely to satisfy a company that does much of its business in the UK, and which exports from the continent.

All revenue for the year was derived from the UK and Ireland, with the company raking in £222 million in the UK – £1 million less than in 2014 – and £8 million in Ireland, which compensated for the domestic shortfall.

The slight increase in turnover is consistent with the 0.4 per cent rise last year, while the improvement in profit is up on the 11 per cent uplift Lyreco enjoyed in 2014.

While Lyreco cut down on its costs during the period, it did not do so by sacrificing large numbers of staff.

The number of people employed by the Telford company remained steady over the course of the year, with 1,325 people on the books on average over the year – down from 1,335 over the course of 2014.

Lyreco has continued to invest in its business at Telford, including installing one of the UK's largest solar installations on the roof of its £28 million home at Deer Park Court in Donnington Wood.

Almost 14,000 panels have been fitted on the top of the 55,000 square metre building, cutting the company's annual energy costs by £50,000.

In the process it created one of the country's five largest factory-based solar installations.