Sales slide for McPherson’s reference books

No buoyancy for books as McPherson’s reports drop in printing sales.

In its half-year results, the company, which provides printing services for customers including book publishers, magazine publishers, catalogue and manual publishers and other specialised users, reported a drop in earnings for its printing division, which fell from $1.7 million to $1.5 million.

In a statement, the company said that: “Sales revenue was below the previous corresponding period due to the continuation of subdued market conditions, particularly with respect to professional reference publications. Profit margins were similar to the previous year.”

As a whole, McPherson’s reported EBIT of $24.3 million, down slightly from $24.5 million the year previously. “Second-half trading to date has been consistent,” said McPherson’s managing director, Paul Maguire. “As we advised in October, for the full year to 30 June 2010, we expect an increase of about 25 per cent in earnings per share to approximately 38 cents from the 30.2 cents reported last year, subject to satisfactory market conditions continuing.”