PMP: Result 2016

PMP's result wasn't great but, with cash flow still strong, our investment case is on track.

Five years ago PMP carried net debt of almost $150m and the business was struggling. PMP’s transformation from a debt-ridden disaster to profitable, stable printer of catalogues is now largely complete and is perfectly illustrated by its balance sheet today.

Mountainous debt has been repaid and the business now carries a small net cash position, the first time it has been debt free in living memory.

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