Communisis full year in line as overseas growth quickens

15th Jan 2014 12:36

Marketing group Communisis said trading last year was in line with expectations as it looked to broaden its revenue base overseas faster than previously hoped. The group said its pipeline remained strong and that it was "fully live" on all previously announced contract wins, including July's printing outsourcing contract with Lloyds Banking that was the largest in the company's history, and will contribute on a full year basis in 2014.A client-led international expansion accelerated during the year and Communisis said it expected full year results would show about 18% of total revenues from overseas sources in 2013, up from 7% in 2012 and ahead of expectations.Net debt at year end was lower than expectations at approximately £25m, up from £12.9m at the interim stage and £20m at the end of 2012.Broker Panmure Gordon said overseas expansion was ahead of expectations and it expected further growth in both UK and overseas business wins in the near future. Analysts added: "We expect on-going positive newsflow as a result, and believe the shares have been unfairly left behind in recent weeks."Communisis shares were up 4.4% to 62.13p at 12:45 on Wednesday.OH