News

The board of stationery group Office2Office (O2O) has revealed that trading volumes and margins have held up well following its acquisition of print manager AccessPlus in May.

In its interim management statement, which covers the period from 1 July 2008 to 31 October 2008, the company stated that the group as a whole had performed "in line with market expectations" and would continue to do so for the rest of the year.

Commenting on its buyout of AccessPlus, O2O said: "AccessPlus was acquired just prior to the half-year end. It is now integrated with the group's existing operations and is producing better than planned sales growth from its business process outsourcing activity, although low margin print management sales have softened.

"As expected, net indebtedness increased marginally as a consequence of the working capital movements associated with the acquisition of AccessPlus... The level of borrowings is comfortably within the group's facilities which are committed through to April 2013."

Following its spending spree, O2O said that it would now focus on organic growth opportunities and "group cash generation".

"There are no immediate plans for further material acquisitions," the company added.