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Business Description: CSG Limited (CSV) is an Australian print servicing company offering integration and convergence of voice, print and data; delivering and implementing holistic managed print solutions and document output solutions; and leasing solutions for print services equipment. CSV has 10 offices in Australia and 23 offices in New Zealand.
Strategy Analysis: Historically CSV´s strategy has been to seek organic growth through aggressively targeting multi-year, annuity contracts and also reaching into new geographies. For acquisitive growth, it made a number of acquisitions in the Print business. But poor management the Canon acquisition resulted in significant underperformance relative to expectations. Following a change of management, current strategy is focused on stabilising the business and improving the performance of Canon. In Print Services the focus is on operational efficiency in Australia and growth through new initiatives in New Zealand. A restructure of the Print Services business is expected to deliver $17m in annual cost savings. The Technology Solutions business has been sold and proceeds will be used to fund debt reduction and a capital return to shareholders.
CSG reported NPAT down 41% to $5.21m for the half-year ended 31 December 2012. Revenues from ordinary activities were $91.17m, down 54% from the same period last year. Basic and Diluted EPS was 1.9 cents compared to 3.1 cents last year. The net operating cash outflow was $5.29m compared to $7.76m last year. No interim dividend was declared, compared with 2.5 cents last year.
The Age 25/05/2013 |
In the mid-1960s, when Australia's trade minister Sir John McEwen was urging Holden and Ford to seek export markets in Asia, the leader of one of Asia's poorest countries decided his country needed a car industry.
The Age 25/05/2013 |
Debts to tradespeople and suppliers by collapsed builder National Buildplan Group have blown out to $58 million but administrators say they are likely to recoup only cents in the dollar.
The Age 25/05/2013 |
There's a simple message in what appeared to be conflicting statements from the Federal Reserve, its chairman, Ben Bernanke, and an assortment of other Fed heavies this week about the timing of a move to re-tighten monetary policy.
The Age 25/05/2013 |
Investors are contemplating a future without support from one of the biggest drivers of the global economy in recent years - the US Federal Reserve.
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