St Ives profit rises in difficult markets

9th Mar 2010 07:59

Printer St Ives posted an increase in half year profit as it reduced costs but warned that it does not expect any immediate improvement in its underlying markets.Underlying profit before tax from continuing operations rose to £8.4m for the 26 weeks ended 29 January 2010 from £6.2m a year earlier. Revenue fell to £187.1m from £208.0m after it reduced volumes and experienced pricing pressure.Chief executive Patrick Martell commented, "While we are not anticipating any immediate improvement in our underlying markets, we will continue our focus on cross selling where we have existing relationships and further develop our offering to new and existing customers.""This will, we believe, allow us to make progress during these difficult times and to take advantage of better market conditions in due course."An interim dividend of 1.75p per share has been recommended, unchanged from last year.