Is Agfa's acquisition of Litho Supplies, its biggest UK distributor, part of a wider strategy or just an opportunistic move in a local market?

Unfortunately, I don't know the answer to this question because the firm is being peculiarly tight-lipped in relation to this purchase.

Okay, compared with last summer's acquisition of distribution business Pitman in the United States, this is small beer. The Litho Supplies consumables and pre-press equipment business that emerged following the debacle surrounding the plc's collapse at the end of 2009 was expected to turn over circa £16m, whereas Pitman is many times that size. But it's still interesting for us on the small island.

The sale marks a relatively swift exit for 'distressed investment' specialist Hilco, which backed the buyout of the business in January 2010. But then Litho Supplies always did seem to sit a little strangely in its portfolio of retail-related turnarounds/disposal activity including Woolworths, Allied Carpets, Allders, Somerfield etc. Perhaps Hilco found that print was even tougher than the high street.

Meanwhile, Agfa HQ has issued some pretty positive preliminary results for 2010 today, with sales up and a big improvement in EBIT margin in its graphics business. Whatever the group is up to it seems to be on the front foot about it, which appears to be the sort of good news that would be worth talking about.