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January 29, 1997updated 05 Sep 2016 12:47pm

DOMINO PRINTING SCIENCES FORMS VENTURES IN INDIA, CHINA

By CBR Staff Writer

The best part of Domino Printing Sciences Plc’s problems would seem to be over, if today’s end-of-year results are anything to go by. The Cambridge inkjet and laser printer manufacturer has managed to double its net profits to 5.7m British pounds and pre- tax profits shot up by 78% to 9.2m pounds. This performance seems a far cry from the 67% and 60% falls in net and pre-tax profits respectively, this time last year (CI No 2,836) and the shares celebrated with a 34 pence jump to 310 pence on the news. Its problems were linked to problems with low-quality raw materials, lay-offs and sluggish markets in Europe and the US, which had until then become Domino’s biggest. Although, according to chairman Peter Byrom, US sales did pick up in the fourth quarter, they remain down 5.5% at 39.1m pounds. Sales grew in all other geographic areas. The company believes that early entry to developing markets is a key ingredient to long term success, and has now advanced into two major Asian markets by forming joint ventures in India and in China. Domino Printec (India) Ltd is a joint venture between Domino and Indian management consultancy firm Cemex Group Ltd, and Domino has a 51% stake in the venture. It also has a 50% share in Domino Coding (China) Ltd, in which its partner is the Dutch trading firm the East Asia Co. Both concerns will produce coded labels for food manufacturers, of which Domino counts Nestle SA and Coca Cola Co among its customers. Domino, says Byrom, does not expect to see profits from the new ventures before fiscal 1998. The company has developed and launched a new laser coding product called DDC2 and has extended its range of inks; it will also try out a new high speed, high resolution graphics printing technology next quarter and has plans to launch other new products this year and next. The board is recommending a final dividend of sevenpence, taking the total to 11 pence for the year, up from 10.1 pence last time.

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