Printing and manufacturing group Novus said on Monday it would lose up to R560m in annual revenue when its new contract with Media24 takes effect on April 1. Under the new contract, Novus would be responsible for 58% of Media24’s printing requirements by volume, and do so at "substantially" reduced prices, it said. Novus, which prints the newspapers and magazines of its erstwhile parent, Naspers, told shareholders in October 2017 that its printing agreement with Naspers subsidiary Media24 would lapse at the end of March 2018. Novus said it signed new agreements on Monday that would expire after three years. If the new contract had been in place in the financial year ending March 2018, revenue would have been R520m to R560m lower, it said. Half of that amount would have been due to lower volumes and the other half due to price reductions. "Management have commenced a number of initiatives to reduce the impact of reduced volumes and margins, which includes the closing of the Pietermar...
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