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Blue Star Print Group Delivers Solid Performance

Blue Star Print Group Delivers Solid Performance

For the year ended 30th June 2003, Blue Star Print Group (BSPG) achieved operating revenue of $296.1MIL and EBITDA of $32.4MIL compared to revenue of $293.0MIL and EBITDA of $33.5MIL in the previous year.

Whilst revenue was slightly up on year ago, EBITDA was slightly down due to restructuring costs and the appreciation during the year of the New Zealand dollar against the Australian dollar which negatively impacted the translation for Australian sourced earnings.

BSPG's CEO Keith Brodie stated "Overall operational results from BSPG's fifteen Business Units were on a par with the previous twelve months. This is a pleasing result given that the marketplace particularly in Australia was extremely competitive.

BSPG generated cashflow from operating activities, net of interest and tax payments, of $21.2MIL, and new capital investment for the year totalled $21.3MIL. Significant projects included the following:

* Three new sheetfed presses into business units in Auckland, Sydney and Melbourne.

* New label press in Auckland.

* Additional heatset capacity at Webstar New Zealand.

* The introduction of Computer to Plate (CTP) technology into four business units meaning seven business units now operate CTP technology.

* The installation of a Rotoman heatset web offset press into Webstar Australia, Webstar's third press installation since startup in January 2002.

BSPG Background

Blue Star Print Group is a multi-disciplined print and marketing communications provider operating business units throughout Australia and New Zealand. The Group, a privately owned company with substantial management shareholding, is headquartered in Auckland. Current turnover is $296.0MIL (year ended 30 June 2003) and BSPG employs approximately 1100 staff.

Blue Star Print Group's business units offer a substantial range of pre-media, print and logistics capabilities.

Customers can access the specialist services of an individual business unit, or draw upon the collective skills of all of BSPG as a total integrated solution.

BSPG's Business Units

* Securacopy

* Format

* PrintLink

* McCollams

* Techniche New Zealand

* Nicholson Print Solutions

* Webstar New Zealand

* Rapid Labels

* Techniche Australia

* Prologix Australia

* Dunham Bremmer Australia

* Link Printing

* Kings

* Webstar Australia

* Craftsman

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