Domino posts another record year, offset by dollar weakness: New Year order book good
Domino Printing Sciences plc said today that its revenue grew by 11% to £231.5m in the financial year ended 31 October while underlying operating profits increased by 7% to £32.2m after absorbing £1.5m of adverse currency movements.
Stripping out the impact of the weaker US dollar, sales grew by 14% across all georgraphic areas. Printer volumes were up 20%.
Chairman of the Cambridge-headquartered group Peter Byrom (pictured) said the results represneted "another record year of sales and profits for the Group, and further market share gains.
"We have increased our expenditure on research and development by 4% to £11.3m. The new plus range of products, launched at the beginning of the year, has been well received and demand remains strong.
"We made two further strategic acquisitions in the year. Collectively the acquisitions that we have made over the last four years continue to perform well and meet expectations. To capitalise on the opportunities afforded by this substantial expansion in our product range we have invested in additional sales, marketing and support resources.”
The group’s share price was unchanged in early trading, suggesting the market was expecting the result. Its share price is quoted at 267.5p, valuing the group at just under £300m.
"We have a strong global business with an extensive sales and service network serving our customers worldwide who are spread across multiple market sectors. We have a large installed base of printers using our fluids, spare parts and services”, Mr Byrom said.
“Legislation mandates and standards which demand identification of products drive demand for our printers and services. Whilst we will not be immune from slowing economic growth rates amongst major world economies and the impact this may have on our customers' investment plans and production outputs, the fundamental strength and diversity of our business gives us confidence about the future.
"The business is well positioned for further growth. We have good order books going into the New Year".
11th December 2007
