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21 August 2024
Cimpress Sees Enormous Opportunities
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Cimpress (parent of VistaPrint) has had record results, with founder Robert Keane still seeing “enormous” opportunities for growth in the fragmented print market. Cimpress/Vistaprint sales rose by 7% to $3.29bn, while operating profit jumped from $57.3m to $247.3m, giving an operating margin of 8%.In his annual letter to shareholders, Keane said that a new generation of printing equipment, from many suppliers, was “rapidly improving press and post-press technology” in terms of cost, capacity and quality.
Regarding his ambitions for the group, he said: “Continuing to extend our scale-based advantages is important to Cimpress' future because we are leading a multi-decade market shift of print and print-related markets from traditional business models to mass customization. “We are disrupting a highly fragmented landscape of thousands of smaller traditional competitors who still account for the majority of the market value, which means that our opportunity remains enormous. Cimpress has 20 production facilities of its own around the world, and works closely with “hundreds” of third-party print fulfilment partners. VistaPrint is Canada's second largest printers behind Transcontinental.
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