The bigger of the two deals involves buying the 50 per cent that Bemrose does not own of a US joint venture with Yattendon Investment Trust, the property group.
Bemrose Yattendon, which made pre-tax profits of dollars 5.8m in 1992, has three divisions, all of which make promotional products: Souvenir decorates pens for the corporate advertising industry; Janesville makes etched crystal products for the same market; Renaissance specialises in books, calendars and cards for funeral directors. Bemrose is paying an initial pounds 11m for Yattendon's share of the company, with a further dollars 2.5m due next year.
Bemrose is also paying pounds 4m for Barnard and Jackson, a north London printer of own-label diaries for chains such as WH Smith. Last year Barnard and Jackson made a profit of pounds 658,000 from sales of pounds 5.8m. It had net assets of pounds 2.3m.
Bemrose also announced results for the year to January yesterday, showing a 24 per cent jump in pre-tax profits to pounds 6.25m. That included a pounds 1.75m contribution from Bemrose Yattendon in the US, an 83 per cent improvement on the previous year.
In the UK, operating profits rose 4 per cent to pounds 5.5m, reflecting the disposal of loss-making businesses last year and a reduction in staff costs.
Earnings per share increased by 22 per cent to 24.3p. The final dividend of 7.45p, payable on the enlarged share capital, makes a maintained total of 11.75p. The rights shares are being issued on a one-for-two basis at 265p.Reuse content