Double whammy knocks down Novus profit
Results show the impact of the new Media24 contract and tough trading conditions
Financial 2019 was another tough year for print and packaging group Novus, which has had a series of challenging years since it was listed on the JSE in 2015. The group, which was previously known as Paarl Media, had been part of the Naspers group and a subsidiary of Media24.
The biggest blow to the group was the renegotiation of its highly profitable printing contract with Media24 on considerably less favourable terms. A new contract came into effect on April 1 2018.