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October 29, 1991

GESTETNER ISSUES PROFITS WARNING AFTER DISAPPOINTING OFFICE SYSTEMS SALES

By CBR Staff Writer

Gestetner Holdings Plc, the London W1-based office systems group, has issued a profit warning saying that profits for the year to October 31 will be somewhat below market expectations. Last year the company turned in UKP52m pre-tax profits, and analysts have already been anticipating a sharp downturn to somewhere in the region of UKP35m. Japanese photocopier and office systems company Ricoh Co recently bought from Australian controlling shareholder AFP Group Pty Ltd a 24.2% stake in Gestetner, which surprised analysts with a small profit at the interim stage (CI No 1,701). The company says the performance of its office systems division has been disappointing, though the photographic business is trading in line with budget.

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