PMP $24m Loss 1H2013

Printing company, PMP (ASX:PMP) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stock market.

• PMP has had a $24 million loss for the first half, down from $4.6 million profit.
• The half year result includes $41.1 million of significant items: redundancy costs and cost of closing western Sydney printing plant.
• PMP expects to realise savings of $17 million over the full year from 180 employees laid off.
• EBIT (earnings before interest, tax) and significant items of $19.4 million down 15.9 percent on the previous corresponding period.
• PMP chief executive Peter George said, " In the second half of the year, we expect to see a continuation of difficult market conditions as a result of overcapacity in the industry, especially in heatset printing."
• PMP maintains its full year earnings guidance of between $31 million and $34 million, before significant items.
• PMP is Australia's leading printing company with 45 percent market share.
• PMP has not declared a dividend distribution for this period.