Financial Printing -- Bulls in a Bear Market
"To become even more flexible and agile in responding to rapid change, during the past two years RR Donnelley Financial has closely analyzed its business, intently listened to its clients, relentlessly evaluated the role of the financial printer, and persistently and methodically explored how to best meet the capital markets and investment fund community's changing communications needs—for today and in the future," Trayvick says.
A similar standpoint is echoed by Reed Smith, president, Bowne Financial Print. The ability to forecast effectively, which includes the continuous feedback received from the law firms and investment bankers that financial printers deal with, is key in keeping up with market trends, he notes.
"We have continued our focus on quality by reviewing processes and procedures to ensure that we continue to deliver the best products and services in the industry," states Smith. "The work we have done in the quality arena will position us for continued market leadership and exponential revenue growth once the economy has significantly picked up."
Although the financial printing sector has seen some tough times as of late, the outlook of printers in this market is not all doom and gloom. There are some signs that recovery has begun.
"Basically, it's been a year of contrasting halves," Donnelley's Trayvick assesses. "The first months of 2003 were, very simply, a continuation of what we saw in 2002. At the end of the first half, however, we began to see some hopeful signs that resulted in a significant upturn in the market in the third quarter."
To that end, Trayvick offers several positive points as examples:
* On the IPO front, filings were up more than 121 percent in the third quarter of 2003 compared to the same period in 2002. In the third quarter of 2003 there were 51 IPOs, compared to 29 for the first half of 2003.