Record results at Domino Printing

Printing technologies firm Domino Printing Sciences reported its best ever full year results following a strong global performance and the introduction of new products.

Pre-tax profit rose 10% to £57.4m for the year ended 31 October 2011 while revenue increased 5% to £314.1m as customers increased spending on printing products. New products represented 20% of total equipment sales.

Underlying pre-tax profits hit a record £59.5m, up 9% from the year before.

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The group, which provides barcodes and sell-by dates on packaging used by retailers, saw a strong performance in Europe, the Middle East, Africa and Asia.

"Market conditions elsewhere were generally much tougher and while the group achieved good growth in the UK and Germany, sales in other parts of Europe and in North America were below last year's levels," the group said.

Chairman Peter Byrom commented, "In a year of mixed macroeconomic conditions, the group has delivered sales growth and record profit."

"We introduced three new product lines during 2011 and have seen progressive take-up. Products introduced in the year represented 20% of total equipment sales. During the year we increased the headcount of the group. The majority of new staff are in our sales channels, in particular in Asia."

Domino has raised its final dividend to 12.17p, making the total dividend 18.75p, up 20% from last year.

Domino added that is mindful of the effects on its markets of the general economic slowdown, but believes the combination of new products and strong global reach mean it is well positioned to benefit from the available opportunities in this more uncertain climate.

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cj