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Contract Wins and Joint Ventures

St Ives loses Sainsbury contract

21 September 2017 13:12

St Ives said it has been informed today by Sainsbury's that its contract with the Group's Marketing Activation segment, for the production of in-store marketing materials, will not be renewed.

The Company confirmed that the contract now represents approximately 3.5% of annual revenue and ends on 2 December 2017.

Management will be initiating actions to reduce the cost base of the segment to mitigate the impact of the non-renewal, with associated one-off cash restructuring costs of approximately £1m in the financial year ending 3 August 2018.

Due to a stronger than expected trading outlook within the Group's Strategic Marketing businesses, the Company does not expect the non-renewal of the contract to have any impact on its trading outlook for the year ending 3 August 2018.

At 1:12pm: (LON:SIV) St Ives PLC share price was -2.5p at 68.5p

Story provided by StockMarketWire.com

Related Company: SIV

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