CPI's revenue fell 24.6% year-on-year from $277.6m to $209.4m for the six months to 31 December 2009. Its underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) was $4.9m, a 25.8% year-on-year drop from $6.5m.
The company's share price fell 22.4% on the news.
However, CPI's net profit of $2.05m for the period was only down 4.2%, after posting $2.14m a year earlier. Profit as a percentage of total revenue was 0.97% for the period, up from 0.77% year-on-year.
CPI managing director Bernard Cassell told ProPrint: "We once had 17-18 warehouses across the country. If you look back over the past two years, we've closed warehouses and consolidated operations, which cuts costs in materials handling and distribution."
Cassell (pictured) also nodded to a general focus on cost reduction across the entire business.
In a statement, CPI said: "During the six months to 31 December 2009, conditions remained difficult due to the depressed levels of activity in the economy generally, and the printing sector particularly.
"Volumes were significantly affected with anecdoted [sic] evidence suggesting the industry volumes were down by some 20%," it continued.
The statement also said explained that existing cost control initiatives "were continued and consolidated".
"Overheads for the six months were 17% below the prior year, exceeding the targets that had been set. The opportunity was taken to further rationalise product ranges and clear out discontinued lines," read the statement.
The statement also said the results were hit by "aggressive market pricing".
Cassell added that paper prices were low across the industry, driving down prices at CPI. "We have to remain competitive. If you're not competitive in this industry, you don't sell anything."
CPI's gross margin was heavily eroded in the half-year figures, down 17.3% year-on-year from $46.76m to $36.67m.
The results will not reflect the impact of CPI's sale of the Komori agency to Ferrostaal, which took place earlier this month.