Like its peers, Communisis is managing a structural transition from the analogue to digital world. This process has not been without its challenges. However, the proof is in the pudding and the performance over the last four years has been impressive. Despite the headlines surrounding declines in traditional print marketing; revenue and profit have grown consistently as has cash generation. The net result is a balance sheet that is de-gearing and a clear path to further improving the overall business mix. Communisis has a particularly strong track record when it comes to winning and retaining high value, multi-year contracts which speaks volumes for the credibility and the breadth of the proposition. The progress made has seen the shares re-rate significantly as investors have sharpened their focus on the returns latent within the business. An attractive, and well covered, dividend yield is the icing on the cake.