The nation's biggest printer PMP is to rebrand, with the company telling shareholders at its AGM that from March next year it will be known as Ovato.
The company created the name form the word ovation – getting the strongest response possible. PMP says, “Ovato defines the next stage of the business. Importantly the name delivers a clear, single brand to unify the strengths of the many brands bought together by the merger.”
Company chairman Matthew Bickford-Smith told shareholders at the AGM that the 2017/18 result - which Group sales fall by $108m and an actual EDBITDA of $40m against predictions of $70m - was 'unacceptable'.
Bickford-Smith pointed to the loss of the Coles magazine and the Pacific Media contract, along with the long time the ACCC took to ok the IPMG merger deal, as reasons for the downturn.
However both Bickford-Smith and company CEO Kevin Slaven told the shareholders the worst was now behind them, and the investment in the new manroland Lithoman 80pp web, due to go into Warwick Farm next year, would herald a new era in efficient print production.
The board highlighted its commitment to the retail catalogue sector, and said it is partnering with a big data provider, Quantium, through which it says will be able to tell its retail customers how much actual money the catalogues are generating at the register.