Printing group Opus has delivered impressive full year results, revealing it is now debt-free and booked a $12m profit.
Opus has bounced back from an unprofitable period, logging a 237 per cent improvement on last year’s -$8.7m loss to a far more lucrative $12m.
Revenue also jumped forward by 101 per cent to $115m from the previous period’s $57.9m, and Opus is now in the black after shedding its debt.
Earnings generates from its publishing division were not so strong, with a slight dip of one per cent which was attributed to the loss of a ‘significant account,’ however the group says it is ‘recovering well’ from the downturn.
Opus chief executive Cliff Brigstocke says its debt-free books and a boost in cash flow enabled an acquisition trail that bolstered its profitability.
“Our debt free status has enabled us to take advantage of selective Capex investment with the most recent being the assets of Protectaprint, where we will be bringing in-house all aspects of cover embellishments to provide improved speed to market and cost savings,” says Brigstocke.
The diversified print group is 62 per cent owned by Hong Kong based printer 1010 Printing after it bought Opus’s $51m debt in 2014 and pardoned it in exchange for a cut of shares.
The full year profit and strong global position was largely credited to this offshore relationship.
“To build on our six-month results in this way is testament to all the hard work put in by our team and the strong support we have from 1010,” says Opus executive chairman, Richard F. Celarc.
Opus’s outdoor media arm delivered $20m in revenue which the company says was achieved by divesting its New Zealand division last October.
“The New Zealand divestment will allow a much clearer focus for the Australian Outdoor Media business,” the results statement reads.
Opus also reported it would pay a fully franked dividend of two cents per share.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter