he company recorded revenues of $80.9m for the year ending 30 June 2010, up 3% year-on-year from $78.5m. Net profit rose 4% year-on-year from $6.7m to $7.66m.

Earnings before tax and significant items also rose by 7% to $10.98m.

The company’s web printing operations, which comprise Cadillac, recorded revenues of $27.2m, up 12.8% year-on-year from $24.1m.

The company said its web printing operations “experienced a fall in margins resulting from the outsourcing of work late in the calendar year due to capacity constraints and some materials price increases”.

Executive chairman Wayne Sidwell (pictured) added that the company’s earnings growth was “underpinned by organic sales growth in the Australasian pre-media business driven by increases in both managed hub revenues and non-contracted jobbing work, and tight control of costs”.

The Wellcom board recently approved Sidwell’s proposal to sell its 50% stake in Cadillac Printing to private interests controlled by Sidwell.

The deal is subject to approval from Wellcom shareholders at the company’s AGM on 21 October.

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