Manchester-based Grafenia has posted operating losses of £0.98m in the year to the end of March 2017 and says it will cut non-executive pay until the performance of the company improves.

The losses are up £0.25m from the previous year. Turnover from continuing activities fell to £10.45m from £10.77m and EBITDA totalled £0.76m, down from £1.52m.

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As a result the printing and web design company is reducing non-executive director annual pay by 25%, from £20,000 to £15,000, whilst reducing the pay of chairman Jan-Hendrik Mohr by 50%, from £30,000 to £15,000.

Mohr said: “Performance of Grafenia and the non-executives has not been sufficient for some years now and we feel it is appropriate to first show we are worth any money before thinking about raising our compensation.”

He added: “The outlook for print products is uncertain and current trading has been tough. Nevertheless, our efforts in scaling up Nettl bode well and we are increasingly encountering potential partner opportunities to sell the concept in international markets.

“One of our past mistakes has been in providing overly optimistic guidance to the market which was subsequently not met.  Our quarter-to-quarter results are incredibly hard to predict and we have decided to provide less frequent, but more detailed, updates to the market as and when applicable.”

The company has also changed is auditor from KPMG to the Manchester office of RSM.