Paperlinx makes $57.3m H1 loss

Stationery company Paperlinx has announced a first half loss of $57.3 million due to weak market conditions.

The result is a six per cent improvement on the $60.9 million loss in the previous corresponding period.

It also includes a $24.7 million impairment charge from Paperlinx' computer software and proprietary brands in Europe.

Revenue for continuing operations during the half was $1.44 billion, down 17 per cent from $1.73 billion in the previous corresponding period.

The company also spent $6.4 million on restructuring and added that the result had been impacted by weak market conditions.

Chief executive Dave Allen said that although the loss was significant, the company had taken steps to ensure it returns to profitability in 2014.

"Canada and ANZA (Australia, New Zealand and Asia) continue to be our strongest performers and we will take the learnings from these regions regarding a single brand to market to Europe and the UK," he said in a statement on Thursday.

"Combined with the significant restructuring well underway in Europe and the UK, and the investment for growth in Packaging and Sign and Display across all regions, this positions Paperlinx for a turnaround in financial performance."

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