Novus Holdings did well to hold its decline in headline earnings at 21% in what must have been one of the most traumatic years of the group’s 112-year history.Significant changes at senior executive level, the death of its former chairman, a review of one of its critical government contracts and a distracting investigation by the competition authorities all had to be dealt with at the same time as market forces were squeezing its core printing business. The exchange rate also took its toll.In response to the tough conditions, management maximised cash flow from its core printing business by consolidating its existing print assets and cutting back operational capacity in line with market demand."This ensures that the group remains competitive within the print industry," said CEO Keith Vroon. Further, in this regard, Novus was reawarded the Department of Basic Education workbook tender.For the 12 months ended-March 2017 the country’s largest printing group achieved headline earnings o...
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