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Print sale leads to Bradford investment
The sale of its Bradford print business completed the St Ives plc group’s exit from non-core operations, according to annual results update.
London-based St Ives this week completed an £8 million disposal of the St Ives Direct business in Laisterdyke to investment group Cogent B2B, which pledged to invest in the business, which cut around 75 jobs this summer, and strengthen the management team.
In the 53 weeks to August 2 the marketing services and print group suffered an underlying 3.2 per cent fall in revenues to £317 million, compared with £327.4 million in 2012.
Underlying pre-tax profit was 10.5 per cent higher at £26.8 million from £24.2 million a year earlier. The group spent £22.3 million on acquisitions, raising net debt from £13.4 million to £15.2 million.
Patrick Martell, group chief executive, said: “I am pleased to report further progress in our stated strategy of building a broadly-based marketing solutions offering whilst moving away from commoditised print markets.”