The company says it is still preparing the financial statements for the period ended December 31, 2012, and expects the operating result before significant items to show a loss, in an amount that does not vary from the previous corresponding period by more than 15 per cent.

PaperlinX says it will go ahead with further restructuring and cost reduction initiatives in the UK and was taking similar action in Continental Europe.

PaperlinX made numerous management changes last year, appointing David Allen as its new chief executive officer and Netherlands based Joost Smallenbroek as the new chief financial officer in December. Andrew Price who forced many of the board changes, including the ousting of Harry Boon has himself just gained residency in Holland.

Michael Barker replaced Harry Boon as the new chairman of the struggling paper merchant which has lost a billion dollars over the last four years; Barker says he plans to return the business to profitability.

PaperlinX’s current share price is 0.08.

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