Losses climb for printing company amid restructuring campaign

PROFITS and revenue have continued to decline for Manchester print and website design firm Grafenia as it battles to restructure its business.

Revenue dipped 2.6% to £5.14m for the six months to September 30 (HY 2015: £5.28m) and there was a 22% fall in EBITDA to £460,000 (HY 2015: £590,000).

The listed company suffered an operating loss of £420,000 (HY 2015: operating loss £180,000). Restructuring costs of £40,000 (HY 2015: £80,000) have been incurred in the period.

At the period end the company had cash of £500,000 (HY 2015: £340,000).

Chief executive Peter Gunning said: “This has been an important and busy six months as we continue to transition the company’s business model. We have taken key and necessary steps to reposition our channels for growth.”
 
He said the company generates its revenue from two main sources – licence fees and the sale of printing.

He went on: “During the last six months, we have continued to simplify our business model and refine our partner acquisition funnel.

“Our objective is to attract graphic professionals to our Marqetspace trade channel. Once we have established a trading relationship with them, our aim is to expand the share of printing and display products they buy from us, to resell to their clients.”