PMP lowers guidance

The publisher and direct marketer PMP has cut its earnings guidance and implemented further restructuring because of poor trading conditions and weaker printing orders. The news sent shares to a two-year low, down 4?, or 8.3 per cent, at 44?. Print markets in both Australia and New Zealand have suffered with existing customers using the services less, and intense competition for new contracts resulting in lower margins. Earnings before interest and tax, and before significant items, are now expected to be between $22.5 million and $23.5 million.