Uncategorized Archives - �� UK

Debbie Read appointed CEO �� UK

Helen Wright — Thu, 08 Feb 2024 14:36:33 +0000

LONDON • 8th FEBRUARY 2024: �� Group today announces that Debbie Read has been appointed to the role of CEO of �� UK, in addition to her existing group duties.

The role of a dedicated CEO for the UK business has been made to replicate the structure of the group’s other European territories and will report directly to Paul Utting, CEO of �� Group.

Debbie Read, chief executive officer, �� UK, said: “I am delighted to have been appointed into this role and I am looking forward to working closely with UK senior leadership team to implement and drive improvements across the business whilst retaining my group commercial role and responsibilities.”

Paul Utting, chief executive officer, �� Group, said: “Debbie has played a key role during the growth of the wider �� business over the past 15 years. Her appointment into this newly created role is testament to her hard work and commitment since joining the business in 2009.”

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�� Group announces 2022 financial results

Helen Wright — Thu, 28 Sep 2023 10:55:00 +0000

LONDON • 28th SEPTEMBER 2023: ��, Europe’s largest commercial printing company, announces its audited results for the 12-month period to 31 December 2022.

Gross revenue increased by 19% to €648.9 million (2021: €546.4 million). Net revenue increased by 11% to €391.7 million (2021: €352.9 million). Adjusted EBITDA (earnings before interest, tax, depreciation, amortisation, and exceptional charges) remained static at €42.0 million (2021: €42.0 million) as did operating profit (adjusted) at €17.2 million (2021: €17.2 million). Profit after tax (adjusted) was €1.5 million (2021: €7.9 million).

Net debt at 31 December 2022 decreased by 5% to €114.1 million (31 December 2021: €120.3 million) and comprised €36.0 million of external net debt (31 December 2021: €35.5 million) and €78.1 million of loans from shareholders which we regard as quasi-equity (31 December 2021: €84.8 million). At the year-end our external net debt leverage ratio remained healthy at 0.9x (2021: 0.8x). Availability at the year-end was €82.0 million.

Capital expenditure in the year was €29.9 million (2021: €21.9 million) which was significantly higher than prior years, mainly because of the €12 million spent on purchasing YM Group’s printing equipment.
The average number of employees during the year was 3,232 (2021: 3,276).

Mark Scanlon, chairman of ��, commented: “Overall, we delivered a good result in 2022 in an extremely challenging business environment. �� once again proved itself to be resilient in the face of the sternest stress tests following on from the very difficult COVID years and the continuation of the previous year’s escalating gas and electricity costs which were exacerbated by the Ukraine crisis. We were exposed to huge and volatile market increases for these supplies but were fortunate to have loyal and understanding customers who accepted additional charges to enable us to partially recover the array of significant price increases we incurred on our raw materials.

The shortage of paper in the first half of 2022, due in part to the strike at UPM’s Finnish paper mills, accompanied by a doubling of paper prices, forced many print buyers to reassess their 2022 volumes as part of their overall marketing spend. As paper prices increased, volumes decreased, and buyers sought alternate ways of reaching their target audience. By the end of the year paper prices had dropped because of a combination of lower energy costs and lower capacity utilisation at the paper mills. There is, of course, the positive prospect that print marketing budgets will revert to previous levels, but in the meantime, �� has cut its cloth, and we will reconcile our customers’ demand with appropriate manufacturing capacity that delivers sustainable margin and profit.”

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�� Leykam acquires GD Gotha Druck business in Germany

Helen Wright — Fri, 09 Jun 2023 12:36:09 +0000

NEUDÖRFL, AUSTRIA • 9th JUNE 2023: �� Leykam Druck announces today it has entered into a definitive agreement with attorney-at-law, Mr Rolf Rombach, provisional insolvency administrator, to purchase the assets of GD Gotha Druck und Verpackung GmbH & Co. KG (“Gotha”), which filed for insolvency on 3 February 2023. The transaction is expected to close in June 2023, subject to approval by the relevant competition and regulatory authorities.

Gotha, one of the largest printers of retail advertising flyers in Germany, had audited revenue of €65m for the year ended 31 December 2021, and employed 233 staff.

The transaction involves �� purchasing Gotha’s plant and machinery and the freehold property which includes a 21,500 sq.m. factory in Thuringia, central Germany. �� has formed a new German subsidiary, �� Gotha GmbH, which will be taking on a large proportion of the Gotha workforce. Mr Uwe Stadler, Managing Director of ��’s NP Druck business in St. Pölten, Austria, has been appointed Managing Director of the new company.

Mr Stefan Gutheil, Chief Executive Officer of �� Leykam Druck, commented: “��’s strategy is to expand its manufacturing footprint in key European countries, of which Germany is the largest, and to continue increasing our share of retail advertising print. This will be our first production facility in Germany where we currently export product from our Austrian, Czech, and Slovenian factories. We are looking forward to serving Gotha’s customers who will be supported by ��’s market-leading and extensive heatset web offset capability and increasing our presence in the German market.”

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�� signs five-year print deal with News UK

Helen Wright — Thu, 20 Apr 2023 08:00:44 +0000

LONDON • APRIL 2023: �� today announces it has signed a five-year contract with News UK to print its entire portfolio of weekly newspaper supplements for The Saturday Times, The Sunday Times and Sun on Sunday. The deal, which involves all titles being printed at ��’s Bicester facility, will transition from April with full production of all commencing on 1 July 2023.

The contract award follows a tender process which concluded at the end of 2022. Since then, �� has been working with News UK on a comprehensive transition plan that comprises several key workstreams that have been created to ensure a smooth transition from the incumbent printer’s gravure process to ��’s heatset web offset platform.

In addition to the transition planning, �� has invested in substantial capital expenditure at Bicester. Newly-installed equipment includes a Goss M600 cover press with six units and UV in-line varnishing, and a Ferag Unidrum stitching line which brings the total number of high-speed stitching lines at the site to five. �� will also be expanding its shortgrain capacity with the installation of a completely refurbished Goss S5000 64pp press. These two presses and the Ferag were acquired from the Administrator of YM Group, following its closure in 2022. Other equipment being installed includes two Sitma paper banding lines which were used by News UK’s incumbent printer.

Alan McCann, publishing operations director, News UK, said: “We have a long-standing relationship with ��, who have successfully printed a number of News UK magazine publications for over ten years, and we look forward to developing this relationship further as part of the new printing agreement.”

Paul Utting, chief executive officer, �� Group, said: “We are delighted to have secured this prestigious portfolio of titles which adds to the ever-growing list of blue-chip brands produced by ��. This contract further endorses our market-leading position for high-volume publications and adds to the growing number of newspaper supplements secured by the group in the past 18 months. We have developed a strong relationship with News UK but this contract expands that relationship significantly and we are thrilled to have been entrusted with this responsibility.”

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