Bowne hit by redundancy costs

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06 August 2003

Restructuring costs, including redundancies at its UK operation, hit second-quarter income at financial print specialist Bowne.

The New York-based group reported net income of just 160,000 ($258,000), down from 6.9m in the second quarter of 2002, after being hit by 6m of restructuring costs.

The redundancies at its UK operation in London included the departure of managing director Tim Walters in June (PrintWeek, 12 June).

Bownes total second-quarter revenues fell 1.7% to 191m, but revenues in its financial printing business fell by almost 20% to 113.9m.

However, revenues more than doubled to 37m at Bownes globalisation business, which adapts material developed in one country for distribution in another.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."