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Profits at printing group Communisis more than halved in 2009, however the group managed to remain profitable across all its sectors despite a "disappointing" year.
In its preliminary full-year results for the year ending 31 December 2009, the Leeds-based group made operating profits of £7.2m before exceptional items on revenues of £190.2m, compared to profits of £15m on revenues of £257.7m in 2008.
Its direct mail operation was badly hit by a drop in demand from banking clients with sales in the division dropping 42% from £91.8m to £53.6m.
Within its print-sourcing arm, "weak" demand from existing clients led to a similar decline in revenues, which fell 40% from £96.7m to £58.1m.
However, the group emphasised that it was "not just a printer anymore", recording a 71% sales increase in its Technology and Services division.
Cashflow for the second half of 2009 stood at £7.5m, up from £6.3m in the first half. However, debt for the year-end increased to £24.8m from £13.1m in 2008.
Chief executive Andy Blundell said that 2009 had been a difficult year for the industry as a whole and that Communisis had "not escaped the impact of those challenges".(Gold Printing) |
