However, speaking to investors at the firm's annual meeting, he said an increase in the number of Printing.com outlets meant it could mitigate the impact through special promotions.
Mr Hardie said he believed the company would make `modest advancement' this year, if current trends continue. Broker Brewin Dolphin reduced its profit forecasts by £200,000 to £2.5m. The shares slipped three per cent, or 1p, to 32.5p.
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