St Ives hails sales gain in face of "challenging market"

St Ives has posted a £14m increase in revenues in spite of the "challenging market conditions" in which it has operated over the past six months.

The company's interim results released this morning showed a turnover of £223.3m and a pre-tax profit of £12.5m, up from £10.7m in the first six months of 2007.  

Brian Edwards, chief executive of the company, said that the positive results were driven by increased efficiencies across the group.

The company recorded strong revenue growth in its commercial print market, growth in the media printing and a decline in revenues in its US operations, caused by planned scale backs to consolidate the company’s position.

Edwards said that despite the challenging market conditions, the company had built on the foundations it had laid over the past two years.

"The first six months of this financial year saw increases in volumes in book production and magazine printing. Also increased efficiencies have led to a higher margin."

Edwards added that the impact of the closures at Corby, Polestar Greaves and Wiltshire’s and the consequential easing of capacity in the market had not yet translated into price increases.  

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