St. Ives Plc, a U.K. printing company, lost money in its fiscal first half because of an unprofitable unit.
The net loss in the 26 weeks to Jan. 28 was 10.3 million pounds ($16.6 million) compared with a profit of 6.7 million pounds in the year-earlier period, the London-based company said in a Regulatory News Service statement today. Sales fell 1 percent to 149.4 million pounds.
St. Ives said yesterday that it’s agreed to sell its magazine-printing business to Walstead Newco3 Ltd. for 20 million pounds. The total first-half loss from discontinued operations widened to 19.2 million pounds, from 1.18 million pounds a year earlier.
“We do not see an immediate improvement in the general economic climate in this financial year and there remain some significant structural and cyclical challenges,” Chief Executive Patrick Martell said in the statement. “The proposed disposal of the loss-making magazine printing business will further strengthen the group’s financial performance.”
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