Revenue and profits dip again Grafenia

GRAFENIA, the AIM-listed print and website design firm  previously called printing.com, has reported another drop in earnings.

In its half year results to September 30 turnover was £5.28m (2014: £5.47m), a decline of 3.6% compared to the corresponding period last year.

This follows a reported reduction in earnings and profits in June by the Trafford Park, Manchester-based company.

EBITDA has also fallen from £0.98m  to £0.68m and the company has halved its dividend to shareholders to 25p.

Since the period end Grafenia has also offloaded its Dutch subsidiary, Grafenia BV  for a cash consideration of €2.35m. Lat month it also parted company with its long-serving chief executive Tony Rafferty.

Chairman Les Wheatley said: “Following the disposal of Grafenia BV the scale of the company’s operations materially reduced.

“Accordingly Tony Rafferty stepped down as chief executive and the board appointed Peter Gunning as acting CEO.

“The board wishes to thank Tony for his years of unstinting service and drive making the company what it is today.”