Opus saw its full year profit rise by a quarter on flat revenues following the sale of Cactus Imaging to outdoor giant oOh! in the year.
Richard Celarc, executive chairman and CEO at Opus, says the debt free status of Opus is allowing the company to invest in new equipment, particularly in digital print, as the full year results show a $14.9m profit after tax.
Revenue for the full year of 2016 was $86.9m, staying flat from 2015’s result of $87.2m, while EBITDA increased 11 per cent from 2015’s result of $9m, up to $10m. The total profit of the year for 2016 was $14.9m, up 24 per cent from the prior corresponding period result of $12m.
Profit before income tax from continuing operations for 2016 is $8.3m, an increase of 34 per cent, or $2.1m from the pcp, which the company attributes to continuous improvement on cost structure after the successful restructure in late 2014. Simultaneously, profit after income tax from continuing operations decreased 37 percent from the pcp to $5.5m.
Opus has focused on its publishing services division, following the sales of outdoor specialists Cactus Imaging in 2016, COS Printers in Singapore, and its New Zealand Outdoor Media business in 2015. The company says the gain on disposals of COS Printers and Cactus Group were $3.6m and $4.8m respectively, with the divestments enabling Opus to dedicate its financial and operational resources to the Publishing Services Division.
As a result, profit after tax from discontinued operations increased 180 per cent, from $3.3m in 2015 to $9.3m in 2016, while the Publishing Services Division recorded revenue growth of 8 per cent, or $6.2m over the pcp.
Richard Celarc says, “2016 saw us further consolidate and rationalise the business. We are now manufacturing in Australia exclusively, and focused on niche markets; Ligare in Sydney, CanPrint in Canberra, and McPherson’s Printing in country Victoria.
“Our debt free status has allowed us to continue to invest in newer equipment and take advantage of changing technology, particularly in digital print where speed, quality and price are now converging.”