Pontllanfraith-based printer Pensord Press Ltd is one of three UK companies, and the only magazine printer, to be shortlisted for the Turnaround Award at The BPIF (British Printing Industry Federation) Excellence Awards 2006 - the printing industry's 'oscars'. The awards take place at the Hilton Birmingham Metropole on April 6.

Pensord is in contention for an award which celebrates the success achieved by a significant positive turnaround in an organisation's business - on financial performance, on its approach to solving business problems, and the potential for lasting improvement. Pensord's nomination reflects the company's performance since chief executive Tony Jones undertook a management buyout of the company from an investment group in June 2003. Underinvestment in the business had seen a decline in fortunes, but the past two and a half years have seen Pensord turn the corner from a loss making company to returning a profit, and sales growth of 41 per cent.

Tony Jones said: "We are delighted to be considered for such a prestigious national award and proud to represent magazine printers in our category. At the time of the MBO we recognised the potential of the company and especially the people working here. Recognition such as this is a just reward for their commitment and hard work." Pensord avoided using venture capital in the MBO and staff and customers have been kept fully appraised of developments along the way.

And these developments have been significant.

Investment since June 2003 currently totals over £7m, including three state of the art eight- colour perfector presses, and all areas of the business have been strengthened with new skills and training.

A stakeholder scheme was introduced to offer free share options to staff, the introduction of a Pensord Charter set out the principles by which the company operates, and a Charity Trust was established to provide funds for good causes.

Finance director Graham Lambert said: "Our turnaround was achieved by being conservative in planning, communicating frequently and openly with all stakeholders, adopting a marketing-led approach, delivering on promises and consistently out-performing targets."