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Annual Results

Losses deepen at St Ives

03 October 2017 07:35

St Ives booked a deeper annual loss after increased competition eroded margins at its legacy marketing businesses.

The company booked a net loss of £44.1m, broadening a loss of £5.7m posted in the previous year.

Revenue rose by 7% to £393.2m, but the company also booked non-cash items including asset impairments.

"While trading conditions within our marketing activation segment continue to be challenging, we have taken decisive action to increase efficiency and reduce costs, and remain focused on diversifying into other sectors," chief executive Mark Armitage said.

"Similarly, within our books business we have taken further steps to ensure that the cost base reflects the future level of volumes we now expect."

Net debt has been reduced by one-third to £54.6m, representing a net debt to adjusted EBITDA ratio of 1.6 times.

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