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Opus doubles profit as sales slip

Wednesday, 29 August 2018
By Wayne Robinson

 

In what may be its last report to the ASX, book printing group Opus saw its profit rise by 95 per cent to $6.3m on sales that slipped by two per cent, or $812,000, down from $39.7m to $38.8m.

The company is currently applying to delist from the ASX and list on the Hong Kong stock exchange, where its majority owned Lion Rock is also listed. Opus Group includes Australian printers CanPrint, Ligare and Mcpherson’s Printing Group (MPG). 

The company says the increase in profit came from the core book and book like printing activity, with overall results enhanced by a net non-recurring profit.

Opus says it is currently expanding its printing and warehousing capability to enhance its one stop shop for book printing credentials. The company is looking to add digital printing and binding capabilities to its production firepower

For the half year to June 30 EBITDA rose by 44 per cent to $7.6m, profit before tax rose by 52 per cent to $6.86m and earnings per share rose by 77 per cent to 5.97c.

According to group chairman Richard Celarc the increase in profit on reduced revenue was reflective of the sustained progress the company is making, with a hands-on approach to managing operational efficiencies.

The company is also investing in new technology, Celarc says, “We are boosting our inhouse capabilities with a number of capex investments, and will continue to recalibrate our operations to meet the challenges in our market space.”

 

 

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