Print and distribution company PMP Ltd
(ASX:PMP) has reported a loss for the full year and expects market conditions to continue to be challenging throughout 2010.
The company posted a net loss of $27.2 million for the 12 months to June 30, down from a profit of $78.9 million last year.
PMP recorded $65.2 million in significant items related to restructuring initiatives including redundancy costs and asset write-downs.
The company’s net profit before significant items came to $18.2 million down 61 per cent from last financial year.
CEO Richard Allely says the potential for revenue growth will be limited in the year ahead.
Mr Allely says beyond fiscal 2010 the group has enormous potential to generate good cash flows to pay down debt and reward shareholders.
PMP says it will not be declaring a final dividend for the year ended June 30. PMP’s profits have been rising over the last four years.
