Walstead posts strong year
Walstead has posted its preliminary results for the 12 months ended 31st December. These include six month;s trading from NP Druck which it acquired on 29 June, and three month's contribution from LSC Communications' European printing division (renamed Walstead Central Europe), acquired on 28 September 2018.
The group's gross revenue increased by 8.6 per cent to EU 520.5 million with its net revenue minus paper costs up by 4.8 per cent to EU314.0 million. The number of A4 pages printed on the group's 65 web offset presses and four gravure presses increased by 1.9 per cent to 10.9 billion pages.
Mark Scanlon, chairman of Walstead commented: "These are commendable results considering the adverse market conditions our industry experienced during the year. For the first time in many years, the sector suffered substantial price increases for paper which resulted in print budgets being reduced to counter these high costs. This dynamic then created print capacity at many of our competitors who reacted by reducing prices to attract new work to fill their presses."