PUBLICLY-QUOTED Adare Printing bounced back from the loss of a major printing contract at its Mount Salus Press diary to return strong profit growth in first-half trading. Earlier this year Microsoft withdrew its computer manual printing contract, forcing Mount Salus to lay off 70 workers. But the technical experience gained from Microsoft has helped the printer secure alternative but broadly equivalent contract work from other computer companies.
Adare chief executive Nelson Loane, commenting on group interim figures released this week, said that Mount Salus had recovered nearly half the income lost from the Microsoft business through new contracts with other companies in the computer sector.
During the six months to the end of October, group turnover rose 60 per cent to just under £60 million which elevated pre-tax profits 28 per cent to £5.2 million. The expectation is that profit growth should continue during the remainder of the financial year.
Adare, which has 16 operating subsidiaries and holds the franchise for 240 print centres in Ireland and Britain, is cash rich and remains acquisition minded.
Shareholders are generously treated with interim dividends rising a thumping 50 per cent to 3.12p per share.
