Packaging and printing conglomerate Caxton & CTP, few would disagree, is a lean and mean cash-generating machine. And with a share price trailing the group’s intrinsic worth by a country mile, it’s become a staple for patient deep-value investors.

But it’s difficult not to grimace when interim bottom-line profits are down about 30%. It’s also difficult, under these trying economic circumstances, not to ponder morbidly whether the still significantly sized printing and publishing segment is in irreversible structural decline...

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