In a statement issued ahead of its AGM today (15 September), the Manchester-headquartered business said that in the five months from April to August, overall sales were 20% up on 2020. 

“Before the pandemic, margins were eroding on traditional litho print and we have been gradually reducing our reliance on those sales. Litho was hardest hit in the pandemic and now represents around a quarter of our total revenue. However, since the start of the new financial year, we've seen growth across all product segments, even in litho print,” CEO Peter Gunning stated. 

The business revamped its print hub in 2019, replacing three B1 presses with one new high-spec model from Komori. 

As part of its fresh plans to find and acquire software businesses, £9.75m turnover Grafenia also worked with the London Business School to set up a summer internship scheme. Five MBA students of Entrepreneurship by Acquisition working on its ‘Software Circle’ acquisition programme. 

“We are pleased with the calibre of the intern 'searchers' and quality of opportunities and have a number of ongoing discussions with owners of software businesses. Of course, a deal isn't a deal until it's signed, yet we feel confident that we are on the right track,” Gunning said. 

Regarding the outlook, he said it was difficult to say what autumn would bring due to ongoing uncertainty, but noted the business was a leaner operation than it was pre-pandemic. 

“Modest increases in revenue improve our profitability. Like many businesses, we're seeing inflationary pressures on material, energy and distribution costs. Nevertheless, we remain focused on achieving our mid-term goal of 10-15% EBITDA. We're encouraged that our most recent trading month was around that range,” he said. 

Grafenia owns the Nettl platform, with new partners brought on board this year in the UK and the US, and more sellers added to its Works Makers facility that provides access to products made by third-parties.