Confident Communisis delivers strong first half
COMMUNISIS said this morning it is confident of its prospects for the rest of the year after delivering strong first half results which saw pre-tax profits more than double.
In its interim results for the six months to June 30, the Leeds-based printing and personalised customer communication services group said a significant increase in revenue, higher profits, strong cash flow, new contracts, accelerated growth in international markets and acquisition activity combined to deliver another successful half year.
For the period, total revenue was 40% ahead at £169.3m while overseas revenue increased faster than expected to 19% of total revenue (H1 2013 13%), close to the group’s 20% target.
Adjusted operating profit was up 18% to £6.1m while pre-tax profit more than doubled from £1.3m in the first half of 2013 to £2.9m this time.
Significant contracts won include Lloyds Banking Group for new in-bound customer communication services on ten-year term, and a five-year contract with Procter & Gamble Europe SA for external brand building services in Europe.
Communisis said its integrated agency model was developed and higher margin creative services were expanded through the acquisitions of The Communications Agency, Jacaranda and Public Creative.
Chief executive Andy Blundell said: “This was another strong half-year performance. It demonstrates that our strategy is delivering consistent and profitable growth.”
The group also announced a number of board changes with Nigel Howes becoming strategic and corporate development director, Mark Stoner promoted from a senior executive role within the group to finance director, while Helen Keays is joining as a non-executive director.
