The company notched earnings before interest, taxation, depreciation, amortisation, restructuring costs and one-off items (EBITDAR) of NZ$35.2million, down 32 per cent from the previous financial year.

However, the company also recorded sales revenues of NZ$578million, up 18 per cent from the 07/08 financial year.

In a statement to the New Zealand Stock Exchange, the company cited “very difficult trading conditions in Australia and New Zealand” for the earnings decline, claiming the past year had seen “the most challenging downturn ever experienced in the print industry”.

The growth in sales was attributed to “the group’s approach to managing the print management needs of large customers which are not always printed by BSPG”.

The company also claimed to have “reduced BSPG’s overall cost base by approximately 5 per cent” though added that the 08/09 results did not reflect this due to the timing of the change.

To be known simply as Blue Star Group (BSG) from the start of September, the company announced earlier this week that it had “strengthened its financial position” after parent company Sirius NZ Holdco struck a deal with lenders to reset Blue Star’s banking covenants, amortisation and related pricing structure.

The deal will also see Sirius receive a NZ$10 million cash injection from its major shareholders.

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