The renaissance of country’s biggest print company PMP is continuing with full year results exceeding expectations as it more than doubles net profits from last year’s $3.4m to $8m. It still represents a miniscule return of less than one per cent of revenue – which dropped by 9.7 per cent to $811.7m compared to $899.2m last year – but continues the impressive turnaround under CEO Peter George following a decade of dismal results.

Peter George, CEO of PMP

Almost half the drop in revenue was accounted for by lower volumes at Gordon & Gotch resulting in a $38m fall.Griffin Press sales shone with a 13 per cent rise, while heatset and distribution revenues fell by 11.6 per cent, although four per cent of this was due to a customer buying its own paper. The company said its decision to exit low margin work and exit from directories also contributed to the drop in revenue. The market continued to back PMP with the share price up by four per cent on the morning of the announcement. EBITDA before significant items is down by 8.4 per cent from $63.4m in FY 2014 to $58.1m, EBIT before significant items was downby 8.6 per cent from $28.8m down to $26.4m for the same period. Peter George, PMP CEO, has welcomed the FY 2015 results saying the company has delivered another solid result, ahead of guidance. George says, “It was pleasing to see that company more than doubled net profiot compared to last year, albeit off a low base. “Net debt has been reduced by 67 per cent over the last 12 months and is at a new all-time low, a clear indication of our cash generating capability. “These results reflect the continued disciplined execution of the company’s strategy to become the most efficient integrated printing and distributor in Australasia.” He says printing and distribution of catalogues in both Australia and New Zealand accounts for the majority of PMP’s EBITDA. George says, “Catalogues continue to be a key marketing channel and effective media for driving sales for retailers and remain the company’s core activity. “We are continuing to focus on building a more profitable and sustainable PMP by focusing on the company’s core expertise in print and distribution. To this end we have continued to enhance our competitive strengths.”

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