As a result this had created "cash-flow pressures" which in turn had affected the company's ability to trade as a going concern, he said.

BBC: North West Wales

The publishing industry is changing and authors are becoming empowered, not just because of their ability to self-publish, but also because of the free flow of information and easier networking, Penn said.

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He looks for companies with under-recognized growth potential, and places heavy emphasis on their ability to generate free cash flow and raise prices.

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Without the ability to tap banks for additional capital, companies moved to large positive cash-flow positions and self-financed their growth, GaveKal research said in a note this morning.

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That gave them free cash flow and the ability to pay down some debt, but also continue to consume at about the same pre-recession levels.

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