Web-to-print giant Vistaprint has published its fourth quarter and year end results in which the company grew its revenues 14 percent over 2012. Despite this, Robert Keane, company President and CEO calls total revenue performance “disappointing.”
“Fiscal year 2013 was a year with mixed financial results,” said Keane. “Our total revenue performance was disappointing relative to our expectations twelve months ago. Though our revenue growth in North America was strong with good execution of our strategic and financial objectives, our growth in Europe and Australia was weaker than expected. Moving to earnings, we were pleased with our higher than anticipated bottom-line performance for the year. This was due in part to actions we took throughout the year to improve advertising efficiency and moderate our expense growth in reaction to our lower revenue growth, reflecting our commitment to achieving our annual earnings target.”
Vistaprint earned U$1.16 billion in revenues in 2012, up from $1.02 billion in 2012. Operating income, however, was only $46.1 million, or 4 percent of revenue, a 16 percent decrease seen in 2012 of $55.2 million. For the upcoming year, the company says it expects to grow revenues between six and 10 percent.
Vistaprint had capital expenditures of $79 million in its financial year. The company says it expects to make capital expenditures of between $85 and $100 million for its next fiscal year.