Domino sets sights on another year of growth

Domino Printing Sciences, a global manufacturer of coders, lasers, printers and printing equipment, has numerous plans to continue its growth after securing a 33^rd consecutive year of increasing sales in 2011, coupled with record profit.
 
Sales of £314.1 million were five percent ahead of last year, a record, while pre-tax profit was also at a record £59.5 million.
 
Operations in the developing markets of Europe and in the Middle East, Africa and Asia all reported strong growth, Domino reported, although 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. 
 
Looking to the future, Domino said it has plans to grow its operations in the emerging markets of India and China in order to match growing market requirements, as well as overhaul its UK operations.

 
Chairman Peter Byrom (pictured) said: ‘I am pleased to report that the Group has achieved record annual sales of £314.1 million, an increase of five percent. Annual underlying pre-tax profits of £59.5 million were also a record. Net cash flow from operating activities before taxation was £51.1 million.
 
‘The Group has maintained its strong investment in research and development at £15.3 million, approximately five percent of sales. This has enabled the Group to extend the range of new products announced last year and to progress plans for the rationalization of operating platforms. Investment has also been made in the development of the range of inks and other fluids available to customers to meet new requirements, to be more environmentally friendly and to meet the challenges of the cessation of manufacture of certain constituents. The Group has also made an investment of US$50 million in TEN Media to participate in the new opportunities for egg coding in the US.
 
‘The Board has approved plans for the expansion of our manufacturing facilities in both China and India to meet growing market requirements. The manufacturing facilities in Cambridge (UK) are close to capacity and a planning application has been made to build a new factory adjacent the existing facility at Bar Hill. All these investments are expected to be met from the Group’s own cash resources and existing debt facilities.
 
‘During the year the Group recruited extra personnel, principally in the strongly-growing markets of Asia. The success of the Group is a tribute to the endeavour of the 2,200 employees of the business in 17 countries.’

Byrom concluded: ‘The Group is mindful of the effects on its markets of the general economic slowdown, as reflected in the changing pattern of sales in 2011, but the combination of new products and strong global reach mean we are well positioned to benefit from the available opportunities in this more uncertain climate.’