Operating profit in the firm’s print unit fell 45.3% in its six months to end-September, with fewer books being ordered by the government
Printing and manufacturing group Novus said on Monday lower demand across its print category weighed on its results in the six months to end-September.
Print revenue fell 6.3% to R1.71bn and operating profit 4.53% to R117m, including a 13% fall in books and directories, due mainly to lower volumes to the department of basic education.Paper, as a key raw material, experienced significant price increases and unfavourable foreign-exchange movements, which placed further pressure on margin, the company said.
The company's share price was down 3.7% to R2.60 on Monday afternoon, having lost 36.43% so far in 2019.
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