Hodgson says Ormolu could float

The Ormolu Group could become a publicly quoted company within three or four years if its performance continues to improve and market conditions are right.

Chairman Bob Hodgson said: When you are on a recovery arc one of the possible exits is flotation, providing the company grows and there is something to sell.

He said that many of the groups current shareholders were employees, who would be the main beneficiaries of any flotation.

The company, which has two-thirds of its business in Scotland, is also on the lookout for a suitable printer to buy to exploit markets in the north of England.

Wed like to add print capacity specifically for the reports and accounts market somewhere south of the M62 corridor, said Hodgson.

In August the company restructured its Manchester operation, Trafford Press, merging Trafford Press Corporate with its London-based financial operation Greenaways, while Trafford Press Commercial became Pillans & Waddies (Manchester).

Hodgson said that the restructuring was going well, but that there were still one or two things to change, although he would not give further details.

Hodgson, who currently splits his time between Edinburgh, Manchester and London, will increasingly be based at the companys new headquarters in Edinburgh.

Although the Ormolu Group has reduced its turnover forecast for the year from 60m to 53m, it is now concentrating on its more profitable customers, said Hodgson.

Last year Ormolu bought Waddies, the Livingston-based direct mail specialist, with backing from Bank of Scotland.

Story by John Davies