Opus profit doubles as sales slip

Opus has seen its profit almost double in the half year ending June 30, with its profit after tax coming to $6.3m, a 95 per cent jump from $3.2m in the prior corresponding period (pcp). The company is citing an increase in profit from its book and book-like printing.

Revenue for the half came to $38.8m, a slight decline of 2 per cent from $39.7m in the pcp while EBITDA was $7.6m, rising 44 per cent from $5.27m.

In the publishing sector, the Group made $38.8m in external revenue, down 3 per cent from $39.6m the year before. EBITDA for the segment was $5.8m, up 3 per cent from the pcp.

Earnings per share are now at 5.97c, growing by 77 per cent.

[Related: Opus eyes Bermuda, plans departing ASX]

Richard Celarc, chairman of Opus says, “Our half-year results of a slight increase in operating profit levels on reduced revenue compared to prior year is reflective of the sustained progress we are making with a hands-on approach to managing operational efficiency.

“We are boosting our in house capabilities with a number of capex investments and will continue to calibrate our operations to meet the challenges in our market space. Looking for the second half of this year, we will work to enhance our value proposition for customers and deliver results to our shareholders.”

Opus, which includes Australian printers CanPrint, Ligare and Mcpherson’s Printing Group (MPG), is also planning to move all of its capital to a new Bermudan entity, Left Field Printing Group (TopCo), on the basis of three TopCo shares for every one Opus share. To decide on its plan to delist from the ASX and transfer to Hong Kong, Opus is still waiting on approval from the Federal Court, having a meeting of shareholders on September 6.

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