Communisis profits halve in disappointing 2009
Printing News
Communisis profits halve in disappointing 2009

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)

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