With announcements the same week, it's hard not to see the half-year results of Ovato and Ive Group as a measure of what each made of their merger opportunity.

Ovato (formerly PMP) reported a $10.9 million loss after lost customers and lower volumes led to a 9.2 per cent slump in revenue, a net loss of $10.9 million, and no dividend. It will close its Moorebank plant and relocate "the best equipment and personnel" to Warwick Farm.

Ive Group says even with costs such as the final payment on the second 80-page manroland heatset press at its Franklin Sydney plant, profit jumped 7.9 per cent to $20.8 million on a 4.5 per cent increase in total revenue, and shareholders can expect an interim dividend of 8.6 cents a share, fully franked.

Announcing "the next stage of our business transformation", Ovato chief executive and managing director Kevin Slaven said it had decided it could house all the equipment needed for NSW capacity requirements at its Warwick Farm heatset plant, which he says is Australia's "largest and most modern".

"While we recognise there are still challenges ahead to improve returns across the group, we continue to make steady progress and our ongoing initiatives allow us to affirm our medium-term targets," he said.

Consolidation of NSW operations and installation of a new 80-page press will result in substantially lower manufacturing costs and "further contribute to reducing excess capacity in the market".

Consolidation of NSW print sites over the next 18 months will cost a further $30 million, primarily on redundancies, site works, press relocations and make goods, but are expected to deliver additional annualised savings of $19 million by FY21. He warned of "further potential disruptions" in the next six months from upcoming federal and NSW state elections and "expected continued weakness in real estate markets and consumer confidence".

He reported improved EBITDA for Ovato Print Australia, up by 38.7 per cent to $13.2 million, the result of margin improvement strategies. Ovato Retail Distribution - formerly Gordon & Gotch Australia - also delivered improved profitability.

Slaven said challenges in maintaining a sustainable delivery network within Ovato Residential Australia - formerly Letterbox Distribution - were being "addressed by management", and overcapacity at Ovato New Zealand, where profitability fell 54 per cent were veing addressed "proactively".

Ive Group's total revenue rose 4.5 per cent to $375.6 million. Executive chairman Geoff Selig said it had completed its investment programme - "the most significant the sector has seen for many years" - was a huge vote of confidence in the sector itself, and "in our capacity as a business to execute major initiatives successfully".

FY19 half year results "clearly demonstrate" the benefits from this investment programme were flowing through with operational efficiencies, margin expansion, and the resulting uplift in earnings."

The $16.3 million revenue increase followed new customer wins, continued success of cross selling to existing customers, key contract extensions and "no losses of major customers".

Ive managing director Warwick Hay said the results "suggested the company was headed for solid growth for the full year".

"With the heavy lifting of our recent investment and integrations phase now behind us, we continue to be focused on delivering exceptional service to our customers to underpin revenue retention and growth."

Pictured: Selig and web-offset general manager Darryl Meyer unveil a plaque at the new Franklin Sydney plant last year