Its operational restructuring plan has pulled Opus out of the red, delivering a $4.67m after tax profit for HY15 compared to a loss of $11.3m same time last year. The company shares have jumped by 15 per cent with the news of the FY15 report to 46 cent. The company has increased its revenue from last year’s $54.7m up to $55.5m for this half, with its adjusted EBITDA also up from $4.8m to $6.1m. Cliff Brigstocke, CEO of Opus, says the June 2015 half year results highlights that the financial restructuring has progressed according to plan.
Cliff Brigstocke CEO of Opus
Brigstocke says, “Operations wise, it is still a work in progress as we face the challenges of margin erosion and rising costs of material brought about by the depreciation of the Australia dollar, which in most cases, were not able to be passed onto customers. “However, management is optimistic of the future prospects of the group. Each of our businesses has strong underlying fundamentals, which with the group free of the shackles of a high debt load, and having completed an operational restructuring, have started to produce benefits for customers and shareholders. “We will increasingly be a group that delivers high quality services faster, that drives greater efficiency in our processes and will share these benefits with our customers.” He says the company also has the opportunity to work closely with the 1010 Group on a wide range of initiatives to further improve its business. Brigstocke says, “These include significant procurement opportunities where we can leverage 1010 Group’s substantial buying power. “This also extends to our customer offering where we have introduced solutions that include the ability to combine China, Australia, Singapore and New Zealand production.” Richard Celarc, Opus executive chairman, says, “It is rewarding to see the benefits now flowing from the hard work all of our team have put into our plan. “We are now back and fully focused on the future. There is much to be done however and we are all focused on what is required to ensure our results can be maintained.” He says the company has returned to a much more hands on approach, which he says is a proven formula, and the way Opus operated before it went public. Celarc says, “The publishing services division showed small revenue growth over the same period prior year. This is pleasing given a major account was lost during the financial restructuring period which means the underlying run rate is stronger. “In Australia, the commissioning of new colour inkjet lines has been successful with digital driving part of the revenue growth.”
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