Wyndeham Gains Market Share - Confidence Grows

Wyndeham Press Group plc has increased market share and is confident that the results for the year will be in line with the top end of market expectations.

Wyndeham Press Group plc, the UK specialist magazines, commercial literature and direct mail print producer has increased its market share and it is confident that the results for the year will be in line with the top end of market expectations.

The company made the statement in its announcement of its trading performance for the financial year ended 31 March 2004.

The report went on to say that whilst the current climate had only shown a slight improvement, Wyndeham had more than replaced lost business.

Since embarking on its rationalisation programme and restructuring announced in January 2004, the issues within its under-performing business had been addressed.

Management continued to assess and implement further synergy and cost reduction opportunities throughout the Group.

However, the benefits of the actions already taken are starting to be realised and will continue to benefit the group on an incremental basis in the 2005 financial year.

In the second half of 2003-2004, Wyndeham was successful in winning several new contracts in the magazine sector, including five titles for Reed Business Information, IPC Media's flagship title, Ideal Home, and pre-press elements of its television listings and women's weekly titles, as well as an extension to the scope of Wyndeham's print contract with a leading travel company.

The company's report also said that wider steps had been taken to strengthen the board and management team, and they were further improving the shape of the business by enhancing the integrated group-wide offering and strengthening its financial position.

Wyndeham said it has made strong progress towards the implementation of a centralised sales team and that would be completed by May 2004.

On April 5 2004, Roy Kingston joined the management team as group operations director.

He was previously manufacturing director of the St Ives Web Division.

The Group also appointed Robert Stokell in March 2004.

He was previously chief executive of SGB Group, as an additional non-executive director restoring the number to the recommended three.

In March 2004 the Group announced the earnings enhancing acquisition of Graphic Facilities Group, a pre-press and print process specialist, for a total of a maximum of ?5.92 million, which in combination with Wyndeham Argent created what it believes to be the UK's leading pre-press business.

A ?4m placing to fund the acquisition provided the Group with additional working capital that has reduced net debt.

Bryan Bedson, Chairman of Wyndeham, commented: "We have made great progress in the second half of our financial year having put the Group on a sound basis for growth by rationalising our cost base, addressing the issues in our under-performing businesses and strengthening the management team, our Group-wide offering and our financial position.

The results of these actions have already been seen through a number of successful contract wins and improved profitability and we still have capacity to take advantage of further available opportunities to increase our market share.

We, therefore, anticipate that the benefits of our actions will continue to be realised on an incremental basis throughout the current financial year." It is intended that the preliminary results for the year to March 31 2004 will be issued in June.

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