Extra funding for in-the-red Pindar

Andrew Pindar, group chairman of Pindar PLC

Andrew Pindar, group chairman of Pindar PLC

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SCARBOROUGH print giant Pindar is hoping to turn a corner as it secures extra funding after reporting losses of £1.4 million.

The group, based in Thornburgh Road, Eastfield, has released its financial results for 2010 for Pindar Plc.

The data reveals a pre-tax loss of £1.4 million for the year on turnover of £58.6 million.

However, bosses believe following recent tough years they are heading in the right direction after carrying out research in to customer behaviour.

The firm, which employs 523 staff, has also secured extra funding from the bank after demonstrating impressive business plans.

Pindar chairman Andrew Pindar said: “After three particularly tough years we are pleased to report further improvements to our underlying financial performance as we continue a path towards consistent group wide profitability.

“A loss of £1.4 million after tax shows that we still have a lot of work to do to deliver on all the initiatives we have set ourselves, but our commitment to our tasks runs deep.

“As a pioneer and leader of multi channel communication, our ink to internet approach recognises the critical ongoing role of print in the communication mix, as evidenced in ground-breaking research commissioned by us.

“In both Pindar plc and elsewhere within the Group we engaged consultants including a great team from KPMG to bring perspective and challenge.

“The resulting quality of our plans and vision have allowed us to gain significant additional banking facilities from HSBC setting a solid foundation for the Group as we deliver our plans and reinforce our position as supplier of choice in a rapidly consolidating sector.”

A spokesperson for Pindar says the amount of funding secured from the bank cannot be disclosed at this time, though it is “substantial”.

More positive results are also expected in the future as three new directors, appointed to the board last year, prove themselves in their roles.

The Group chief executive position was given to Andrew Holmes, while Paul O’Sullivan was appointed UK managing director and Richard Hunt chief executive of the group’s Agility Software business.

Mr Pindar added: “The appointments have added to our capability and have brought a number of benefits to the company.”

He said they “build on the many years of great work” by the chief executive of sister company AlphaGraphics Inc, Kevin Cushing.

“Our management team have been bold in thought and action as we drive out cost in a period of predatory pricing,” Mr Pindar said.

“They have been equally relentless with our strategy and direction of constantly adding value to our customers who are at the heart of everything we do.”

The family-owned business, which has been involved in sailing sponsorship for more than 20 years, started out as a printing company in 1936.

It has now evolved to become a multi channel publishing specialist, focusing on the in the delivery of communications including online, mobile media and print.