St Ives Performs Well Despite Difficult Conditions

UK-based print group St Ives is expecting its underlying performance for the year to be considerably ahead of the previous period.

In an announcement yesterday, St Ives that sales of point of sale products and services have increased, whilst the overall demand for books remained steady, in spite of what the company described as challenging conditions in most print markets.

However, added the company, other markets continue to suffer from over-capacity and price pressure.

In those other areas St Ives's management has undertaken rationalisation and other cost saving measures.

The company's manufacturing facilities in Florida (USA) have been merged to improve efficiency and in the UK similar consolidation of production is taking place in St Ives' Romford and Crayford plants.

The surplus property and plant in Florida is to be sold.

St Ives added that property that was surplus to requirements at its head office has been sold and the remaining space will be used to accommodate the London facilities of Service Graphics, the company the group acquired last November, which has traded in-line with expectations.

Cash that has been generated from the sale of surplus property and assets will finance the overall rationalisation costs, added the company.

The company said it will announce its preliminary results for the year on October 16.

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