Printer sells arm to managers

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The Independent Online
THE DEBT reduction programme at Hunterprint, the specialist printer, continued yesterday with the sale of its business forms and office supplies company to management for pounds 1.85m, writes Heather Connon.

Coupled with the pounds 1.59m sale of property to Associated Newspapers and the waiver of pounds 1.5m of lease payments, yesterday's disposal will cut debt to pounds 17.7m from pounds 21.3m at 31 March. But that is still 50 per cent higher than shareholders' funds of pounds 11.8m at that date.

Yesterday's announcement warned that the results for the year to September will be 'very poor' due to cost overruns following the installation of three new presses and further provisions for settling litigation. Hunterprint also warned that it was close to the ceiling of its bank facilities, although it expects to have sufficient working capital until these expire on 31 January. Geoff Eades, finance director, said no other disposals were expected.

The shares closed 2p lower at 16p.