In the year to 30 June sales at the mass customisation giant rose by 7% to $3.29bn (£2.58bn), while operating profit jumped from $57.3m to $247.3m, giving an operating margin of 8%.
Adjusted EBITDA also improved enormously, despite being negatively impacted to the tune of $18.8m by currency movements. It increased by $128.9m to $468.7m.
In his annual letter to shareholders, Keane said that a new generation of printing equipment, from many suppliers, was “rapidly improving press and post-press technology” in terms of cost, capacity and quality.
Regarding his ambitions for the group, he said: “Continuing to extend our scale-based advantages is important to Cimpress' future because we are leading a multi-decade market shift of print and print-related markets from traditional business models to mass customisation.
“We are disrupting a highly fragmented landscape of thousands of smaller traditional competitors who still account for the majority of the market value, which means that our opportunity remains enormous.
Keane said that Cimpress estimated that the total addressable market in its primary markets of Europe, North America and Australia exceeded $100bn, and that “more than 60% of the market value is still served by traditional suppliers”.
“Given this, our scale-based advantages provide us the foundation upon which we can better serve customers, earn more market share, and extend our multi-decade history of profitable growth,” he stated.
For the full year Vista sales were up 8% to $1.74bn and EBITDA margins improved from 14% to 19%.
The Upload & Print businesses, which includes Tradeprint in the UK, also grew overall sales to nearly $1bn, with sale up 8% at $996.9m, while EBITDA margins at the operations increased to 16% (2023: 14%).
Sales at National Pen were up 7% to $391.2m, and EBITDA margins rose from 6% to 8%.
At the ‘All Other Businesses’ segment, which includes BuildASign and early stage investments, sales were $215.8m, with flat EBITDA margins of 12%.
On the future outlook, Keane stated: “With the foundational investments, strategic repositioning and pandemic-driven volatility of the years from FY2019 to FY2022 now receding into history, for the years to come we plan to continue the execution-oriented focus that we have demonstrated over the past two fiscal years.
“We see significant further opportunity to improve the market-leading value we deliver to our customers and strengthen our print mass customisation capabilities.”
Cimpress has 20 production facilities of its own around the world, and works closely with “hundreds” of third-party print fulfilment partners.
At Drupa the group announced equipment buys with Landa and Ricoh.
