PMP plans further cost cutting as sales, earnings slide 16 Feb 2012
- Paviour-Smith rejects claim Business
- Fonterra forecasts 63% surge in 2017 organic milk payout Business
- UPDATE: SLI revenue growth to stall on customer losses Business
- Reserve Bank bans MediaWorks from media conferences Business
- Zespri ordered to consider collaborative marketing proposals Business
- Airways clarifies fee plans Business
- UPDATE: Sky TV shares sink to 3-week low Business
- Sky TV forecasts drop in subscribers to hurt 2017 earnings Business
- SLI Systems revenues to stall on customer losses Business
- NZ dollar falls as greenback broadly strengthens Business
PMP, the ASX-listed magazine printing and distribution company, is embarking on another round of cost cuts after operating earnings tumbled by almost a third in the first half.
Earnings before interest and tax, excluding significant items, dropped 28 percent to A$23.1 million. Sales fell 7.1 percent A$577.5 million. The company turned to a net profit of A$4.6 million from a loss of A$14.8 million in the previous year, when it took an A$19.2 million charge to write down book distributer Scribo.
“As a consequence of the poor trading environment in the first half of the year and our expectation that this weakness will continue in the second half of the year, a further round of cost reductions as planned,” said Richard Alley, chief executive. “We expect full year EBIT (before significant items) to be in the range of A$43 million to A$47 million.”
Earlier this month the printing company wrote down its New Zealand printing business, Gordon and Gotch, by A$2.2 million, citing weak market conditions. New Zealand sales fell 7.1 percent for the six months ended Dec.31, while EBIT before significant items dropped A$1.4 million from A$2.1 million.
In Australia, revenue was down 2.9 percent, driven by lower volumes in heatset printing operations and directory printing. ETIB also fell 23 percent to A$23.1 million, when compared with the same period a year earlier.
The directors declared a first-half dividend of 1 cent a share.
Its shares are currently trading on the ASX for 42.5 Australian cents.
28 Apr 2016 News
New Zealand Government Hon Amy AdamsMinister for Communications 28 April 2016 More than 200 top business people will join... more
28 Apr 2016 Business News
Article - BusinessDesk Landmark EQC settlement agrees it must repair homes to 'when new' state By Sophie Boot April 28 ... more
4 May 2016 Entertainment
Fresh from their sold-out touring season with the NZ Festival in March 2016, the award-winning Modern Maori Quartet has booked a four... more
25 Apr 2016 ANZAC
You could be forgiven for assuming that the first ever ANZAC Day was commemorated in Australia or New Zealand. In fact, it was on this... more
28 Apr 2016 Property
New Zealand Government Hon Dr Nick Smith Minister for Building and Housing 28 April 2016 Changes to KiwiSaver withdrawal rules... more
27 Apr 2016 Property
Article - BusinessDesk House-sharing offer aims to get Aucklanders on property ladder By Fiona Rotherham April 27 (BusinessDesk) -... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
11 Mar 2016 Travel & Tourism
Article - BusinessDesk Air New Zealand to revenue share with United in NZ-US routes By Paul McBeth March 11 (BusinessDesk) -... more
28 Apr 2016 Rugby League
New Zealand Rugby League Thursday, April 28, 2016Sleepless Nights for Ferns Selectors Akarana second row Annetta Nuuausala is ... more
28 Apr 2016 Sailing
Yachting New Nealand NZL takes early lead in three events at Sailing World Cup Hyeres The NZL Sailing Team has made a strong start... more
28 Apr 2016 Opinion
Gordon Campbell on Trump and the Madman Theory Years ago, Richard Nixon explained to his chief adviser Bob Haldeman what has since... more
27 Apr 2016 Opinion
Gordon Campbell on Kiwirail’s latest stint in the dogbox The denigration of Kiwirail continues. The latest review (based on a ... more
28 Apr 2016 Appointments
University of Otago University of Otago appoints next Dean of Pharmacy A leading researcher from Canada has been appointed as the... more
10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more