Litho Supplies
Litho Supplies expects full-year loss before restructuring costs after bad debts exceed expectations
LithoSupplies PLC expects to make a loss for the full year before restructuring costs, as it has experienced higher levels of bad debts than anticipated and the economic downturn and reduced level of activity will push second half turnover slightly below the level reached in the first half.
In an interim management statement, the company said the central administration and accounting functions were all successfully relocated from Bristol to the head office in Breaston at the end of September when Simon Wellings was appointed new finance director.
Recent acquisitions Andersons, its wide format ink jet business, and Graphic Arts Equipment Ltd have been fully integrated into the group and continue to perform in line with management's expectations in what is a difficult market, the printer added.
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