The company had looked set to end the year with a whimper after shareholders responded badly to the amalgamation of Penfold Buscombe’s Sydney operations, plunging its share price as low as 25c just a few weeks ago, from an initial launch price of 60c. However share price has since shot up to 40c, partly as a result of the company’s announcement three weeks ago that it had won several multiple $1m-plus contracts early in July.

Ian Elliot, Penfold Buscombe chairman believes that achieving a trading profit of over $3million despite the disruption and costs associated with the relocation of its Sydney operations is “a commendable achievement”.

“With the significant new contract wins announced earlier this month, we look forward to the current half as some positive signs of recovery potentially emerge and we will be looking for organic growth and will consider acquisitions that are strategically aligned,” says Elliot.

Alistair Hill, Penfold Buscombe managing director, says “We have successfully repositioned the business to the unique position of being the dominant sheet fed print communications business nationwide. With our Sydney restructuring complete, we can move forward from here. Our 400 employees around the country have worked very hard to deliver this result and we have a great team for the future.”

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