@LZA Spicers core market, paper merchandising is contracting, digitisation is increasingly displacing paper. In addition paper merchandising in Spicers primary remaining markets of New Zealand & Australia is about to get a whole lot tougher with the merger of Spicers two main rivals - BJ Ball & Doggetts - and part acquisition of the merged entity by Japan Paper - a manufacturer and merchant.
While Spicers have been diversifying away from paper they have been very slow in doing so. Hindered by capital constraints & management inertia.
I am not optimistic about Spicers prospects. Printers are closing down on a weekly basis with their equipment being scrapped as it's no longer worth anything. While the printing industry is NOT going down the gurgler, it's certainly in a massive transition.
Supply chains are re-organising and Spicers is merely an increasingly unimportant cog in that chain.
