LONDON (Alliance News) - Grafenia PLC more than halved its interim dividend as it posted declining pretax profit and revenue in the half year ended September 30.
Grafenia, which changed its name from Printing.com in June, is a media company that offers printing services, graphic art software and services. The company lowered its interim dividend to 0.33 pence from 1.05 pence in the previous year.
The company posted a pretax profit of GBP305,000, down from GBP345,000 on the previous year. Revenue declined to GBP10.1 million, down from GBP10.4 million.
In the company's printing division, revenues declined to GBP9.4 million from GBP9.9 million, due to increased competition and the transition of some of its franchisees to its new cloud-based software W3P. W3P, a software-as-a-service platform for graphic designers, produced revenue of GBP360,000 for the period.
Grafenia's TemplateCloud, a software-as-a-service platform that allows online crowd-sourced graphic designs to be edited, saw revenues increase to GBP80,000 from GBP20,000.
Grafenia said that is has been working to move away from its reliance on printing sales into a broader offering of software-as-a-service products, but warned that the transition is taking longer than it originally thought.
Shares in Grafenia were trading down 4.8% at 20.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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