5.1 Portfolio overview

Table 7: Product and service portfolio

Realised prices are stated in FY2027 terms and escalate with inflation at 5.5% annually. Direct cost percentages exclude production labour and freight.

5.2 Digital sheet-fed colour

The core of the plant and 48.6% of FY2031 revenue. A single production-class digital sheet-fed press with inline finishing is installed at close; a second is commissioned at the start of FY2029. Practical capacity is taken at 420,000 A3-equivalent clicks per press per month on a two-shift pattern, stated net of make-ready, substrate changeover and planned maintenance downtime, materially below the manufacturer’s rated duty cycle, which is the right basis for a plan.

Realised revenue is modelled at R4.90 per A3 click, all-in: the print itself, the substrate and inline finishing. This is the single most important price assumption in the model. It sits above what a trade printer would realise on brokered work and below what a print-management bureau charges an end client, which is the correct position for a business that owns production and holds the client relationship directly.

The headroom shown above is deliberate and is a load-bearing part of the investment case. At 54.0% utilisation in FY2031, incremental demand can be absorbed without capital expenditure, at a contribution margin near 57%. It is also the reason the upside case produces a disproportionate return: 10% more volume costs almost nothing to serve.

5.3 Wide-format roll and UV flatbed rigid

These two lines together contribute 33.2% of FY2031 revenue and serve a strategic purpose beyond their own margin. A campaign that requires a brochure, a window vinyl and a counter display can be produced, finished and kitted in one building, on one order, with one delivery. Competitors without rigid capability must broker it, which introduces the turnaround and quality risk the proposition is designed to remove.

Rigid UV work carries the highest realised price per square metre and the lowest labour intensity of the three production lines, because the flatbed prints direct to substrate and the CNC cutting table finishes without manual trimming. A second flatbed is commissioned in FY2030 when the first reaches 72% utilisation.

5.4 Managed collateral programmes

The service layer, and the part of the portfolio that is not a print product at all. A programme is an annual agreement covering a defined set of templates, an ordering portal configured to the client’s outlet structure and approval hierarchy, held stock where appropriate, and distribution to outlets. It is priced at a monthly fee of R11,800 per account in FY2027 terms, independent of print volume, plus fulfilment charges.

Account count grows from 11 at the end of FY2027 to 36 at FY2031. The fee revenue alone reaches R6.0m by FY2031, but its strategic contribution is larger than its direct revenue: a client on a programme purchases an estimated 2.4 times more print from the company than an equivalent transactional client, because the friction of ordering has been removed.