“Our ability to punch above our weight, achieving well above the average results for print companies of similar size in terms of profitability and return on capital, comes from a clear understanding of the business we are in,” says Ruda. It is this understanding, he adds, that enables the firm to overcome the decline in its traditional activity (cheque printing) and build a strong business base for the future.
Comprising of Checkprint in Hinckley and Tall Security Print in Runcorn, the group’s recent export successes have helped nudge the group’s turnover from £6m in 1999 to £10m. Its overseas growth is exemplified by financial systems specialist Tall Security Print producing the ballot papers for the Nigerian general elections. The order was to supply and print around 15m ballot papers for the five elections taking place. Ruda says that the job was won through the firm’s ability to respond to a very short notice instruction, and, especially in this case, to meet a very tight deadline. He adds that the political situation in the country led to some uncertainly about the final content of the ballot papers, making the job even more challenging.
This deal came as a result of the firm’s recent export initiative. “We’re gaining export markets, new products and services, as well as new channels,” Ruda says. Its overseas growth has been aided by the firm recruiting agents in around a dozen countries, mostly in Africa, where emerging payments systems are still, more often, paper-based. This is primarily due to the fact that rather than card or online payments, their limited telecoms infrastructure means that cash and cheque will be the continent’s preferred instrument for some time to come, Ruda says.
Rapid reaction
As well as looking at overseas markets, the group has also being expanding its work mix closer to home. It recently met an urgent requirement from one of its banking partners for the Darfur and Chad Crisis Appeal. It ensured that fully personalised and encoded deposit slips were in thousands of branches on the day of the appeal. Within 20 hours, 2,000 credit books were printed, labelled, packed and shipped. Ruda says that this is another example of a responsive and committed team, from commercial through to shipping.
The Tall Group deals with a number of large organisations, supplying secure documents and payments software systems for many of the UK’s leading banks, building societies and over 70% of the FTSE top 100 companies. It also prints cheques for more than 25,000 businesses, including Who Wants to be a Millionaire and the Lotto.
For the year to come, Ruda predicts that the outlook is more of the same: expansion of its markets. “We will see another record year across the group in terms of revenue in 2007 – over £10m for the first time, and our plan to hit £20m by
2010 will incorporate structural and acquisitive, as well as organic growth.”
Raising the standard
In terms of ticking all the right boxes for the environment and security, Ruda says that Tall “just gets on with it”. He says that the reality of the industry is “that a serious business wants and needs to reach these standards”. He adds that the heart of the business, both at Runcorn and Hinckley, remains its accreditation from payments association APACS. This has required the implementation of BS 7799/ISO 27001 information security management system across the group, in addition to the quality management standard ISO 9001 already in place at Runcorn. The group is focusing on its green credentials, and is embarking on the ISO 14001 environmental standard.
Ruda believes that in the future, the finance and security print market will be placed under increasing pressure from legislative and accreditation bodies.
However, this should hold no fears for Ruda, who is used to managing change. In the early 1990s, Tall Security Print and Checkprint were separate businesses. After a successful history of working together independently, and following Ruda’s MBO of Checkprint in 1997, Checkprint was acquired by Tall in December 1999 and the two businesses were merged under the umbrella of The Tall Group. “The logic of combining was compelling,” says Ruda, who was named head of the
new operation.
His aim now, is to continue to withstand the competitive pressures of consolidation elsewhere in the industry. And if the firm is to continue to thrive, it will always have to adapt. And change, Ruda adds, is happening faster now than ever before.
TALL GROUP FACTFILE
Turnover £10m
Managing director Martin Ruda
Area Secure cheque and credit printing group, and payment systems
Staff 100 at Runcorn, 56 at Hinckley
Aims To double turnover by 2010
Security specialist bucks the trend as it builds its empire both home and away
The past 18 months have been tough, says Martin Ruda, managing director of The Tall Group. And yet, despite his comment, structural, acquisitive and organic growth are all on the cards for the financial and security print specialist. The group is aiming high, and plans to double its turnover by 2010.
