Polestars third quarter was in line with expectations, but nine-month figures did "not reflect sufficient reward" for its investment or its position as Europes largest independent printer.


Third quarter turnover was down 3% to 118.9m, while operating profit before exceptionals dropped 500,000 to 12.8m. Nine-month EBITDA hit 18.9%, up from last years 17.9%.


UK printing suffered from "under-utilisation" due to a delay in weekly product launches, while packaging "struggled to find adequate volumes" and was still waiting for tender decisions. It was known to be pitching for a major Colgate contract.


However, a strategic review of non-core activities is ongoing, and an "action plan" has been put in place to "improve utilisation of capacity". Last month, Polestar restructured into six operating divisions (PrintWeek, 7 July).


Polestar has also made amendments to its senior banking facilities that "allow for overseas expansion".


Chief executive Jim Brown was unavailable for comment as PrintWeek went to press.


Story by Gordon Carson