Grafenia annual turnover drops during 'period of transition'

Design and print group Grafenia saw a sharp drop in its annual profit, although profit edged higher during what the company described as a period of transition.In the 12 months to 31 March, the Trafford Park-headquartered group reported a 13% year-on-year decline in turnover to £17m, while pre-tax profits rose 13% to £0.86m.Earnings before interest, tax, depreciation and amortisation declined 4.9% to £2.52m, although the company lifted its dividend to 1.50p, 12.8% higher than in the previous year.The group said its Nettl network, aimed at helping local businesses with designing their website or web shop, now had 25 studios, while Marqetspace, the company's online service targeting trade buyers of printing services had attracted over 1,000 professional buyers.Group chairman Les Wheatley said that while the group had performed solidly, progress was not yet sufficient to offset the contraction of the group's original Printing.com franchise."We are mindful that not all of the group's new initiatives have progressed to the extent originally envisaged," he said."However we now have two channels, Nettl and Marqetspace, which appear to have the potential to significantly increase in scale."Grafenia shares were flat at 21.00p at 08:27 on Monday.