Russell & Chapple is launching www.tradestretcherbars.co.uk, a new trade website aimed exclusively at printers, going live at the Sign & Digital UK 2011 exhibition.
Since successfully launching the Exhibition Stretcher Bar range at Sign UK in 2005, Russell & Chapple has established itself as a key supplier of stretcher bars, valued by both printers and artists for their excellent quality and large size range.
General Manager Andrew Milne Home commented “A large proportion of our trade in artists’ stretcher bars has always been into the print market, and we felt it was time we developed a dedicated selling channel that gave the trade a better deal. Many sites offer cheap imported bars at low prices, but out customers have always wanted a quality product up to 300cm long that can be bought as single bars, rather than box quantities. This site will cater for printers doing one-off pieces as well as larger jobs.”
The site will sell individual bars as well as pack quantities at discounted prices, with additional bulk discounts available for larger purchases.
The company will be promoting the new site with introductory offers and giving canvas stretching demonstrations on stand C32 at Sign & Digital UK 2011.
Pre-register for free Sign and Digital UK 2011 tickets by clicking here.
The BPIF has issued a cautionary warning to all print company Managing Directors and Chief Executives following the publication of new draft regulations concerning the Repeal of the Default Retirement Age.
The BPIF has advised employers that they will have to convene an audit of their workforce and decide what action they take, following the Government's recent publication of the Employment Equality (Repeal of Retirement Age Provisions) Regulations 2011. The new regulations were published on 17th February. The main purpose of the regulations is to remove the employer's right to retire employees. No retirement will be lawful after 4th April 2012, unless it can be justified. It is unclear how stiff the test of justification will be.
Head of BPIF Legal Anne Copley says, "Employers need to run an audit of their workforce and consider whether they want to take any measures before the cut-off date of 4th April. And they also need to re-visit their contractual and policy documents. BPIF's HR Advisers and legal team are of course available to help."
As previously stated, from 4th April employers will not be able to lawfully notify any employees of whatever age that they are to be retired. There are transitional provisions allowing retirement of any employees reaching the age of 65 before 30th September 2011. However, the wording of the draft Regulations has the effect of making it unlawful to use these provisions for any employee who has already reached the age of 65.
Thus any notices already issued with a retirement date set after 4th April but before 30th September will be unlawful and open employers to a claim of age discrimination.
This is an entirely unforeseen result, and many respected commentators consider it to be a drafting error. Meanwhile employers are left wondering what to do. BPIF advice is that they can either:
Go ahead with giving notices to over-65s in the hope that the drafting is corrected in the final Regulations – however this runs the risk of discrimination claims if it turns out to have been deliberate and is not corrected.
Wait until the final Regulations are published when there will at least be more certainty – but that will mean having to wait up until the last minute and all letters notifying of IRDs should be written and ready for delivery as soon as things become clearer. Remember, the last date for notification is 4th April 2011.
Anne continues: "This is a disaster for employers who were in the process of doing the best they could to comply with these new Regulations. Everyone should contact their advisers as to the best course of action."
There are transitional arrangements meaning that employers can still retire employees reaching the age of 65 on or before 30th September 2011. In order to come within those arrangements employers must:
Notify the employee on or before 5th April 2011.
The employee being retired must reach the age of 65 on or before 30th September 2011.
The employee must be retired by 4th April 2012 at the latest.
The full current statutory retirement procedure must have been carried out.
The future: age and retirement after 6th April 2011
Dismissals: Retirement will only be fair if the procedure above was commenced prior to 6th April 2011. After that:
There will no longer be any "duty to consider" procedure.
Retirement in effect will no longer exist. Dismissals for an age-related reason will have to be objectively justified.
Justification will mean proving that the dismissal was a proportionate means of achieving a legitimate aim.
It is uncertain currently what will be acceptable justification, but social policy reasons are more likely to find favour with the courts.
Contracts: Unless employers wish to maintain a contractual retirement age (CRA), all references to retirement should be removed. If a CRA is desired, then it should be debated and signed off by the Board with clear reasons given, to assist in passing the test of justification.
Recruitment: It will no longer be lawful to deny recruitment opportunities to individuals on the basis that they are within 6 months of 65, or the normal retirement age if higher. Job applicants will have to be evaluated equally regardless of age, unless such difference in treatment can be objectively justified.
Benefits: From 6th April 2011, employers will be entitled to remove "insurance and related financial service" benefits for those employees who have reached the age of 65 or the state pensionable age (if higher). That will include income protection schemes, death-in-service benefits and health insurance.
ColorGATE, a German RIP developer producing solutions for wide-format and industrial inkjet applications, has been certified as a Color-Logic partner. Announcing the certification, Color-Logic Director of Sales and Marketing Mark Geeves said: “The Color-Logic partnership with ColorGATE greatly enhances our position in the wide-format and industrial design markets. The ColorGATE submissions for certification provided excellent examples of how the Color-Logic Process Metallic Color System can be used in signage and vehicle wrap applications. ColorGATE is recognised worldwide for their wide-format products, and we welcome them as a Color-Logic Certified Partner.”
Mutoh becomes social with the launch of its Facebook, Twitter and LinkedIn webpages. Beginning February 14th, Mutoh will actively use the social networking sites to connect with friends and fans.
Mutoh will use its Facebook, Twitter and LinkedIn webpages as a means to announce networking events, classes, new product information, and media spotlights. Weekly announcements will keep the pages updated with the most current Mutoh events.
“Social media is becoming more and more important with how businesses operate and market their companies,” shares Brian Phipps, General Manager of Mutoh America. “We are enthusiastic to announce the launch of our presence on social networking websites, and are looking forward to see the growth that these webpages bring to Mutoh. It is a great opportunity for us to share exciting company news and updates, and a wonderful chance to connect to our customers.”
HP today announced financial results for its first fiscal quarter ended January 31, 2011. Net revenue of $32.3 billion was up 4% from the prior-year period both as reported and in constant currency.
GAAP diluted earnings per share (EPS) was $1.17, up 26% from $0.93 in the prior-year period. Non-GAAP diluted EPS was $1.36, up 27% from $1.07 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.19 per share and $0.14 per share in the first quarter of fiscal 2011 and 2010, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges. Information about HP's use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.
"I'm pleased with our EPS and margin expansion during the quarter. Going forward, we have the opportunity to further capitalize on our customers' demands for higher value-added solutions," said Léo Apotheker, HP president and chief executive officer. "HP has a powerful portfolio, including exciting, recently announced cloud and connectivity offerings. We are focused on leveraging these strengths to extend our leadership and accelerate growth."
"HP's financial strength and discipline helped generate $3.1 billion in cash flow from operations, up 28% year over year," said Cathie Lesjak, HP executive vice president and chief financial officer.
Trends and regional performance
HP saw balanced growth in the first quarter across all regions in local currency, with accelerated growth in BRIC countries (Brazil, Russia, India and China). Results were largely driven by momentum in the commercial sector as businesses continued to spend on technology. HP experienced uneven consumer performance across its geographies and product categories during the quarter.
First quarter revenue was up 6% in the Americas to $14.4 billion. Revenue was flat in Europe, the Middle East and Africa and up 7% in Asia Pacific to $12.1 billion and $5.8 billion, respectively. When adjusted for the effects of currency, revenue was up 5% in the Americas, up 4% in Europe, the Middle East and Africa and up 2% in Asia Pacific. Revenue from outside of the United States in the first quarter accounted for 65% of total HP revenue, with revenue in the BRIC countries increasing 11% while accounting for 11% of total HP revenue.
Business group highlights
Personal Systems Group (PSG) revenue declined 1% year over year with a 6.4% operating margin. PSG delivered record operating profit in the quarter and remains the PC market leader in terms of units, revenue and profit share. The commercial refresh cycle continues, and HP saw 11% year-over-year revenue growth in Commercial Clients while revenue in Consumer Clients declined 12% in the quarter.
Imaging and Printing Group (IPG) revenue grew 7% year over year with a 17.0% operating margin. IPG delivered strong performance across the business with share gains in all printing categories and 33% year-over-year growth in commercial printer hardware units. IPG continued to drive innovation and momentum with the new ePrint platform, graphic arts and other commercial print solutions.
Services revenue declined 2% year over year with a 16.0% operating margin. Services operating margin expanded 30 basis points year over year due primarily to service delivery transformation efforts. Enterprise Services had solid long-term signings in the first quarter, the impact of which was partially offset by softer signings in shorter term, higher value-added services and add-on IT outsourcing projects.
Enterprise Servers, Storage and Networking (ESSN)revenue grew 22% year over year with a 14.7% operating margin. ESSN delivered a solid quarter, demonstrating increased value to customers as they transition to hybrid cloud environments through a converged infrastructure, including innovations in servers, storage and networking.
HP Software revenue grew 5% year over year with a 17.6% operating margin. HP Software expanded its security footprint with the integration of Fortify and ArcSight during the quarter.
Financial Services revenue grew 15% year over year with a 9.6% operating margin. Financial Services growth was driven by both double-digit growth in lease volume and a healthy improvement in portfolio assets.
HP generated $3.1 billion in cash flow from operations in the first quarter. Inventory ended the quarter at $6.7 billion, with days of inventory flat year over year at 25 days. Accounts receivable of $16.6 billion was up 4 days year over year. Accounts payable ended the quarter at $13.5 billion, down 1 day from the prior-year period. HP's dividend payment of $0.08 per share in the first quarter resulted in cash usage of $175 million. HP also utilized $2.3 billion of cash during the quarter to repurchase approximately 54 million shares of common stock in the open market. HP exited the quarter with $10.0 billion in gross cash.
For the second quarter of fiscal 2011, HP estimates revenue of approximately $31.4 billion to $31.6 billion, GAAP diluted EPS in the range of $0.99 to $1.01, and non-GAAP diluted EPS in the range of $1.19 to $1.21.
Second quarter fiscal 2011 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.20 per share, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.
HP expects full year fiscal 2011 revenue in the range $130 billion to $131.5 billion, GAAP diluted EPS in the range of $4.46 to $4.54, and non-GAAP diluted EPS in the range of $5.20 to $5.28.
Full year fiscal 2011 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.74 per share, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.
As part of its annual financial review process, HP implemented several organizational realignments effective Q1 FY11. To provide improved visibility and comparability, HP has reflected these realignments in prior financial reporting periods on an as-if basis. These realignments resulted in, among other things, the transfer of revenue within and among various financial reporting segments and business units. The changes do not impact HP's previously reported consolidated net revenue, earnings from operations, net earnings, or earnings per share at the company level. To reflect these changes, HP released modified quarterly and annual consolidated condensed statements of earnings, segment financial results and statements of business unit revenue for fiscal 2009 and 2010, which are available on HP's Investor Relations website at www.hp.com/investor/home.
FESPA’s Sales and Marketing Director, Marcus Timson, has pledged to run the Virgin London Marathon, on the 17th April 2011, in aid of The Children’s Trust. Now in the midst of intensive training, Marcus hopes to raise £2000 for the charity, which provides the best possible care, therapy and education for children with multiple disabilities, brain injury and complex health needs.
Commenting on his choice of charity, Marcus says, “In 2009, The Children’s Trust opened a high-tech rehabilitation centre for children with brain injuries, but they need people to give generously if they are going to maintain and update these facilities, or invest in additional resources. I am proud to be running the Marathon for an organisation which offers such incredible help to injured children around the UK. The Children’s Trust also provides value for children around the world as the work they undertake is then adopted by centres in other countries.
“FESPA is providing additional help to The Children’s Trust by investing in visual aids which are given to the centre for help in engaging the children, and I’m sure others in our community will be interested in similarly donating innovative prints of their own!”
Marcus, who last year completed the annual Howard’s Way Walk - a 100 mile charity trek established to fund research into the treatment of pancreatic cancer- has been training an average of six days a week and hopes to complete the race in a speedy four hours.
“The London Marathon is the ultimate challenge for so many people, but it’s one that I fully intend to conquer. Training through the cold, dark, English evenings isn’t my usual idea of ‘fun’, especially when you consider how much travelling I do! However, knowing the money I raise is going to such a deserving cause will spur me on,” Marcus concludes.
From 1927 until 1983, Tadworth Court was the country branch of Great Ormond Street Hospital but in 1984 control was transferred to The Children’s Trust charity. Having launched the UK's first ever paediatric brain injury rehabilitation service one year later, the charity offers both residential and community-based rehabilitation services to the children it treats.
Large Format Review provides daily breaking news on digital printer technology as used for commercial production of print for wide-format sign and display, dye-sublimation textile and fabric printing, packaging and industrial applications. We also cover 3D print and additive manufacturing.