Trading Statement (9821D)
May 24 2012 - 1:00AM
UK Regulatory
TIDMIGR
RNS Number : 9821D
International Greetings PLC
24 May 2012
24(th) May 2012
International Greetings PLC
Trading Update
International Greetings PLC, one of the world's leading
designers, innovators and manufacturers of gift packaging &
greetings, stationery and creative play products, announces the
following trading update for the year ended 31 March 2012.
We are pleased to confirm the progress reported in the first
half of our financial year continued with annual sales in line with
expectations at over GBP220m. Our focus on gross margins has
continued to show benefits, with adjusted profit before exceptional
items and tax towards the upper end of market expectations.
Progress in reducing net debt has been satisfactory and at the
year-end we expect to report net debt of approximately GBP42m (2011
GBP44.4m). This level of debt, together with improved
profitability, will bring 2012 year end leverage (net debt/EBITDA)
below 3x (2011: 3.5x) and on track for our medium term target of
under 2x.
The relocation of our factory in China completed during the
period and is now fully operational. Exceptional costs in effecting
the relocation were higher than expected but anticipated payback on
the project remains favourable at two years. Additionally our
investment in a new high speed printing press in the Netherlands is
complete and fully commissioned. This will provide us with state of
the art production facilities to support our growth objectives in
Continental Europe.
In the year ahead, the Group continues to focus on best value
sourcing and manufacturing, and will selectively consider further
investment opportunities to this end. The strategy to adjust the
balance of our business has made good headway, which is reflected
in our margin. There is opportunity to underpin this progress by
focussing on a consolidated but stronger portfolio of global
brands.
The Group expects to publish its results for the year ended 31
March 2012 on 4 July 2012.
Paul Fineman, CEO commented:
"In challenging markets with continued inflationary pressures on
costs, we continue to focus on providing exceptional value to
customers, through great design, innovative solutions and excellent
customer service that goes the extra mile. We look forward to
building further success in the new financial year on the
foundations we have created."
Ends
For further information, please contact:
International Greetings plc Tel: 01707 630617
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial
Officer
Cenkos Securities plc Tel: 0207 397 8900
Bobbie Hilliam
Adrian Hargrave
Arden Partners plc Tel: 020 7614 5917
Richard Day
Jamie Cameron
FTI Consulting Tel: 020 7831 3113
Jonathon Brill
Caroline Stewart
Georgina Bonham
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBLGDUCGDBGDX
Ig Design (LSE:IGR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ig Design (LSE:IGR)
Historical Stock Chart
From Jul 2023 to Jul 2024