Net sales for the quarter ended 30 June fell 7.7% on the same period last year to 235m ($377.3m). The groups net loss also grew to 45m from 1.1m, while net sales for the half-year were also down 7.7% to 465.6m.
Vertis blamed its problems on pricing pressures, sluggish direct mail business in the US and Europe, and weak advertising agency business at its Advertising Technology Services arm.
The group expects its net loss for the year to be between 40m and 47m, but management teams are diligently pursuing top line gains and cost reductions, according to chief financial officer Dean Durbin.
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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!"
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