State Printing House Plc increased its sales revenue by 9% and its net income by 18% in Q1-Q3 2008 compared to the similar period of the previous year. Sales revenue from products with high value added grew significantly compared to Q1-Q3 2007.

State Printing House posted consolidated net sales of HUF 10.6 billion in Q1-Q3 2008 which exceeded the 2007 figure by 9%. The Company’s net income increased significantly to HUF 885 million which represents a 18% growth compared to a year earlier. According to strategic plans, sales revenue from products with high value added and greater profitability continued to grow. Sales of security products and solutions segment increased by more than 10% while card production and personalization segment grew even further by 22% compared to the similar period of the previous year.

Regarding the current money market situation, the Board of Directors of the Company decided to call an extraordinary general meeting on 15 December 2008. The Board of Directors proposes the annulment of the 10% treasury share purchase limit in the Statutes and it requests further authorization for treasury share transactions for the next 18 months.

Chief Executive Officer Gábor Zsámboki commented:
‘Due to the balanced business policy of the years elapsed, we are almost free from loan payments and have stable cash generating ability. Our vision based on R&D, our long term contracts and our con-servative management adapting to the present money market situation ensure that we will reserve and increase the several year-long profitability of State Printing House in the future as well.’

State Printing House Plc