Trade Resources Market View Full-Year Pretax Profit Dropped to £17.1 Million From £53.9 Million Last Year

Full-Year Pretax Profit Dropped to £17.1 Million From £53.9 Million Last Year

This price drop came despite the printing equipment manufacturer's figures showing revenue for the year ended October 31, 2013 had increased by 8% to £335.7m – largely due to new product launches and considerable sales growth in the US, China and Germany.

Full-year pretax profit dropped to £17.1 million from £53.9 million last year as the company wrote down to zero the value of its stake in Ten Media.

The UK firm acquired a 15% stake in the business in April 2011, which produces technology for health checks on eggs.

"The performance of Ten Media has been a major disappointment to us. Delays in the business coupled with uncertainty about its future have led us to the view that our investment has been permanently impaired. This has been treated as a one-off cost in the year," Domino Printing's chairman Peter Byrom said in a statement.

Full-year underlying pre-tax profit were £53m, down marginally from £53.7m in the previous year.

Domino also announced a five percent increase in its final dividend to 21.66 pence.

The group's managing director Nigel Bond said there were signs of improvement in many world economies, and confidence was starting to pick up.

"In addition to our revenue growth aspirations, our goal is to further improve the bottom line return on sales of the business with a longer-term target of getting back to and then ahead of the 19% we achieved in 2011," said Bond.

Source: http://www.packagingnews.co.uk/news/domino-printing-share-price-down-after-ten-media-write-off/
Contribute Copyright Policy
Domino Printing Share Price Down After Ten Media Write-off