Opus Group recorded a jump in profit to $14.8 million in 2016 and says a debt-free balance sheet will allow for a continued focus on its core publishing services division.
“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,” says Opus CEO Richard Celarc.
“The continuing operations under the Publishing Services Division represent the core business and focus of Opus Group. The business recorded modest but pleasing revenue growth of eight per cent or $6,232,000 over the prior comparative period. This has been driven by new business commenced in late 2015 and in the middle of 2016 on top of securing existing core customers and successful commissioning of new digital colour inkjet lines.”
The Hong Kong-owned company posted a 24 per cent increase in total profit to $14,894,000 for the year. Opus reported revenue of $86.9 million, which was a slight drop on the previous year, due to the net effect of divestment of its New Zealand outdoor media business.
“With 2015 being a year of consolidation and back to basics, 2016 saw us further consolidate and rationalize the business,” says Celarc. “We are now manufacturing in Australia exclusively, and focused on niche markets Ligare in Sydney, CanPrint in Canberra and McPherson’s Printing (MPG) in country Victoria.”