The FTSE 250 firm Domino Printing has enjoyed a huge jump in pre-tax profits.
In the six months ending 30 April, the British firm reported revenue of £144.8 million, up 17 percent on the same period of 2008/09.
Domino’s pre-tax profit more than doubled, rising 110 percent to £23.9 million. That was thanks to cost-cutting.
Chairman Peter Byrom said: “The improvement in market conditions for our products, first seen in the latter part of 2009, has continued through to 30 April.”
He said that customers had increased their capital expenditure, with kit, consumables and inks selling well.
Equipment volumes were up a third and demand for inks and consumables reached higher than pre-recession levels.
Investment in R&D, essential for driving a business forward, increased by a fifth against the first half of last year.
Manufacturing Digital understands R&D investment will increase in the coming months.
ON COURSE FOR RECOVERY
Domino Printing is well on course for recovery and it expects sales levels to be similar in both halves of the fiscal year.
Managing Director Nigel Bond told Reuters: “One factor that might influence that there's undoubtedly been a restocking of some of our channels in the first half.”
SOURCE: Domino Printing
Edited by Ellie Duncan