The results, reported on 22 February, showed post-tax profits fell to $259,000, before taking into account the $1.8 million cost of the reverse takeover and the demerger from McPherson’s Limited. Revenue also fell 27% to $23 million.

McPherson’s Printing demerged from its parent on 31 January, with $28 million of net assets distributed to its shareholders. The fate of the reverse takeover will be decided by a shareholder ballot on 3 March.

Alan Fahy, chief executive of McPherson’s Printing, confirmed everything was on track for the March vote.

Opus Group chief executive Cliff Brigstocke said while he couldn’t comment on behalf of McPherson’s Printing, he wasn’t worried by the fall in profits and revenue.

“It’s in line with where we thought it would be,” he said.

The results also contained bad news for parent company McPherson’s Limited.

Revenue fell 9% to $144 million, earnings declined 27% to $19 million and net profit was down 26% to $12 million.

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