The groups sales were down 47% at 46.17m (74.26m), with an operating profit of 3.39m. However, after the groups closures and costs were taken into account, it made a pre-tax loss of 8.6m compared with a loss of 2.98m the previous year.
Oakhill Groups finance and operations director, Alan Jordan, said: "We had to consolidate capacity to fit demand. Everyone is aware that margins are tight in the commercial sector it makes no sense to have two sites."
The Oakhill Groups closure of Leeds-based Speedprint earlier this year (PrintWeek, 18 January) led to costs of 2.21m, with one B1 press transferred to Colchester-based Hythe Offset.
"What we now have to do is build up the commercial print business like we have at Hythe Cards and The Plastic Card Company. We did that through the inclusion of fulfilment packages so thats what well do to our print companies," said Jordan.
The disposal of the groups packaging division in 2001, including Foam Plus and Lochaber Box in Scotland, helped to reduce debt by 52% to 10.07m.
Story by John Davies
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
"It's amazing what can be found on the "web" nowadays!"
