Paper Plus has returned to back-to-back annual profits for the first time in five years, posting net earnings of $599,000, up from $218,000 a year earlier.

However, revenue declined 3.8 per cent to $10.4 million.

The company said the result was driven by lower operating costs, including reduced spending on wages, IT and software amortisation.

During the year, the co-operative also repaid its $1.09 million debt before renegotiating its banking facilities, securing a $870,000 term loan and a $750,000 overdraft facility through 2029.

Paper Plus said said it expects to meet its banking covenants and fund working capital requirements through its existing facilities over the next 12 months.

Further reading: Paper Plus launches learning corner to aid those with educational challenges.