Novus profits severely knocked by Covid-19

DURBAN – Novus Holdings said on Thursday that its profits slid by more than 83 percent for the six months to end September, hurt by the reduced demand across all product categories as a result of the Covid-19 outbreak.

Its headline earnings per share fell by 83.8 percent to 4.8 cents a share.

The group services the country and customers across the African continent through its print production magazines, retail inserts, catalogues, books, newspapers and commercial work as well as producing educational materials for governments and multinational publishers.

Novus said its performance has been severely impacted by the effect of the Covid-19 lockdown and the pandemic’s effect on the economy.

“The publishing sector was worst hit, with key customers announcing several title closures and reduction in volumes and pagination. All the group’s divisions stringently adhered to the lockdown regulations and measures, with all operations only allowing for production of essential goods and aligned operational capacities accordingly with the reduced demand,” the group said.

Source: iol.co.za