However, Communisis' sales from continuing operations dropped 10% to £113.1m, with dips in its direct marketing, document services, security products and colour solutions divisions. Operating profits were stable without Centurion's contribution.
Communisis has also been named as one of three suppliers for Barclays' marketing print requirements. The contract will be managed by c-store, its document management system, and chief executive David Jones hoped it would bring a "significant increase" in sales (see p18).
Chairman Stuart Wallis is stepping down after five years, during which time he oversaw the group's transformation from a building products group, John Mansfield, into today's print and communication business. The search for his replacement is underway.
During the period Communisis took a £2.7m exceptional charge for the value of bonus pools. In May, Jones and Wallis received their first payments, each of £1.6m, under the scheme, which is based on the amount by which the group's total shareholder return (TSR) outperforms the TSR of an equivalent investment in the FTSE all-share index.
The total value of the second bonus pool has been calculated at £5.08m and is payable in March/April 2003.
Communisis' share price was down 9% from its pre-results value at 125p as PrintWeek went to press.
Story by Gordon Carson
