Ann Crotty Writer-at-large

Novus Holdings is facing major challenges as it attempts to replace revenue streams after losing a large chunk of a printing contract with Media24. The company lost part of the valuable and high-margin Media24 printing business in April to Caxton. Novus reported a slump in earnings for the 2018 financial year, released on Friday, hit mainly by the impairments resulting from the printing plant closures following the loss of the Media24 print contract. Industry sources say Novus executive chairman Neil Birch and his team are facing major challenges as they attempt to replace the Media24 business, stabilise and grow the tissue business and deal with declines in directory volumes. "There doesn’t appear to be any specific plans for growing earnings," said one industry source. He said that in the past the group generated hefty cash flows largely thanks to the Media24 contract and that it is free of debt. But with the loss of a hefty portion of that contract and the retained portion on low...

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