The pre-tax operating surplus fell to $3.76m from $7.2m.
Pacific Print is not listed on NZX but its debt is.
In November, Australian investor Gresham Private Equity paid $220 million to take a half share of the expanding East Tamaki-based commercial print company Pacific Print Group (PPG).
After being formed in 2002, PPG had rationalised 12 acquisitions, and now operated seven New Zealand print companies and three in Australia. With more than 700 staff members, annual turnover was more than $170m.
Pacific Print Group is New Zealand’s largest exclusively sheet-fed commercial print organisation, and its second largest printing group with operations in New Zealand and Australia. The primary focus is on sheet-fed offset printing with a wide range of customers in the publishing, retail, corporate and government sectors. The Group employs more than 750 staff and generates annual revenues of approximately $190 million.
