Profits slump at St Ives
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St Ives, the printer of the Economist and Vogue, saw interim pre-tax profits slump by more than half as it cut its dividend amid volatile demand and pricing pressure.
Brian Edwards, chief executive, said trading conditions had deteriorated further after Christmas and that the outlook was “very uncertain” in most areas.
St Ives, which sold its US division in January for $39m, more than halved its dividend to 1.75p (5p).
In the 26 weeks to the end of January revenues rose from £198m to £208m. Pre-tax profits fell from £11.5m to £4.4m. Losses per share were 6.5p (profit of 7.9p).
The shares fell 10 per cent, or 5p, to 45p.
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