Shares were clobbered a little over six weeks ago when the web and print supplies group said full year earnings would be “significantly behind” market expectations due to soft demand at the start of the year.
Trading between then and now has been “mixed” the AIM-listed group said, with print revenues in February behind those generated last year before picking up again in March.
The net result is that Grafenia expects full year results to the end of March to be in line with revised expectations for revenue, underlying earnings and net cash, although earnings before interest and tax (EBIT) is likely to miss forecasts.
Grafenia acquired its first signs business, ADD Signs, back in January and said today that the new acquisition is “progressing well” with revenues better than expected.
The company added that it will look to make more earnings enhancing acquisitions in the sign sector, as well as other areas.
Full-year results for the year to 31 March 2017 are due to be published on 7 June.
Grafenia has finally appointed a permanent successor to Les Wheatley, who stepped down as chairman last summer.
Several interims have filled the gap left by Wheatley, but Jan Mohr, who has been a non-executive director for just over a year, is the man stepping up to the position full-time.
Elsewhere, non-executive director Pavel Begun has announced he will retire from the board after the firm’s AGM in July.
Shares edged 0.5% higher to 6.53p on Monday morning.