CPI reports half-year slump
Sales revenue for the six months was down 6.7% from $208.9m compared to $224 million in the previous corresponding period. Difficult trading conditions throughout the first half of the year even though volumes increased saw the fall in profits and revenues.
CPI managing director, Ian Harry said that a number of other factors had “contributed to a volatile and challenging six months for the company, including a GST and Olympics induced slowdown as well as the general level of uncertainty concerning the directions of the economy.” He expects the second half to improve considerably but still reckons performance will be about 20% below that achieved in the second half of the previous year.
Apart from being the largest supplier to the graphic arts industry CPI has become a diversified distribution company with supply lines in office and cleaning products. It has invested heavily in building an e-procurement system CPIT with a new $35 million state of the art computerised warehouse at Sydney’s Wetherill Park.