PMP Limited reported earnings results for the year ended June 30, 2017. For the year, sales revenue – statutory was $1,051.5 million against $816.0 million a year ago. Sales revenue – underlying was $563.3 million against $493.5 million a year ago. EBITDA (before significant items) was $32.2 million against $51.2 million a year ago. EBIT (before significant items) was $3.7 million against $23.3 million a year ago. Net loss (before significant items) was $1.9 million against profit of $11.8 million a year ago. Net loss (after significant items) was $126.4 million against profit of $0.2 million a year ago. Free cash flow was $37.2 million against $37.5 million a year ago. Net debt as at June 30, 2017 was $18.5 million. Capital expenditure was $2.0 million was down $2.3 million previous corresponding period. Cash flow used in operations was $12.5 million was $44.5 million lower previous corresponding period after a $41.9 million increase in cash significant items in 2017.

The company expects to continue to strengthen position in the key print and distribution markets and the company's disciplined focus on generating free cashflow will remain front and centre for the foreseeable future. The implementation of further cost out initiatives during fiscal 2018 is expected to achieve annualized net savings of $55 million by fiscal 2018. Capital expenditure will continue to remain low and net debt is expected to peak in October-November 2017 at $60 million - $65 million, lower than the earlier guidance of $75 million as much of the lower net debt position at June 2017 is a permanent benefit. The company will provide a trading update for fiscal 2018 at the Annual General Meeting in November 2017 and reaffirms it's key guidance measures: fiscal 2018 EBITDA (pre sigs) $70 million - $75 million; Capital Management recommences 2018; Net debt free post transformation in fiscal 2019.

For the full year of fiscal 2019, the company expects EBITDA (pre sigs) between $90 million and $100 million.