Toll’s revenue in the six months to 31 December was down 6% to $3.3bn, while revenue at Global Express, the division that houses Stream among a number of other units, was down $20m year-on-year to $653m, a 3% decline.

Toll said in a statement: “Toll Fast and Stream Solutions traded slightly lower than the corresponding period last year.”

Detailed figures on Stream half-year results were not made public.

Stream general manager Andrew Price told ProPrint that “crazy pricing” in the market had been the most negative element over the period.

“These are unsustainable and a recipe for disaster. We have made a conscious decision not to engage in this ‘race to the bottom’ as a key metric for us is profit,” he said.

“Revenue, market share and number of employees are all irrelevant – we only measure our success by our returns to shareholders,” added Price.

Price said that the year ahead could be a turning point for the industry.

“2010 will be a watershed year for a number of organisations. Those that have been conservative in their investment and funding strategies will benefit greatly,” he said.

“The companies that have low debt and the ability to invest in this market will see exponential growth in the coming five years,” added Price.

“Prices and volumes are not going up 20% tomorrow. This is how it is going to be. If a business can’t make money in this environment, it’s not going to get any better,” he said.

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