Cimpress expects to spend more than the $55 million it invested on new production technology in the 2024 financial year.
This will find its way to equipment that replaces older and less efficient machinery with new and more efficient technology and to build production lines for new products and expand capacity, according to CEO and president Robert Keane in his annual letter to shareholders.
The company enters the 2035 financial year following what Keane calls a “strong year for Cimpress”. This is underlined by figures which show the company firing on all cylinders. Overall the company reported revenue of $3.3 billion ($3.1 billion) with an Ebitda of $546,031 million ($403,965 million).
Vistaprint amounts to around 50% of this with revenue of $1.7 billion (£1.6 billion) and Ebitda of £328 million ($224 million); Upload & Print $996 million in revenue ($925 million) with $160 million ($131 million) in Ebitda and National Pen earning $391 million ($366 million) in revenue with $32 million ($24 million) in Ebitda. BuildASign achieved revenue of $189 million ($187 million) and Ebitda slightly down at $27 million ($28 million).
Finally what Cimpress calls Early Stage investments earned $27 million ($26 million) with a loss of $1 million rather than $3 million in the 2024 financial year.
The results suggest that the Covid years are behind it, Keane stressing how by all measures the company has grown since 2018. He is equally clear that there is plenty of scope for further growth. As well as the investments in more efficient hardware, there “Is a clear opportunity for our software investments to further improve the customer experience, expand our product range and serve a broader set of customer needs” he writes.
In the past year the company has grown thanks to new products categories and variants. These have helped balance the segments that have “matured and now grow more slowly”.
The company though is not settling for slow and steady growth. According to Keane there is plenty of scope to expand with a total addressable market in North America, Europe and Australia of more than $100 billion, the majority of which (60%) is still served by traditional suppliers.
“We are leading a multi decade market shift of print and print related markets from traditional models to mass customisation,” he says.
