St Ives awaits recovery, margins improve

26th Jan 2010 17:37

Printer St Ives still hasn't seen any improvement in underlying markets, although margins have improved and its financial position remains 'robust'.'Whilst sales are expected to be lower in the first half of this financial year than the comparative period for the prior year, margins have improved, partly through the planned reduction of unprofitable volumes with high outsourcing requirements and partly through reductions in the cost base,' it said Tuesday.It continues to keep all costs under close review and is looking for further improvements.'The benefits of the actions taken to date are being seen and we are confident of an improved performance in the first half of this financial year compared to the equivalent period last year,' the firm added. In November, it said sales fell 9% in the 13 weeks 30 October compared to the year before, though heavy cost-cutting maintained profitability in line with targets.