International Greetings PLC Christmas Trading Update (7452W)
January 31 2013 - 1:00AM
UK Regulatory
TIDMIGR
RNS Number : 7452W
International Greetings PLC
31 January 2013
31 January 2013
International Greetings PLC ("the Company" or "the Group")
Christmas Trading Update
International Greetings PLC, one of the world's leading
designers, manufacturers, importers and distributors of gift
packaging and greetings, stationery and creative place products
announces an update for the third quarter, which covers the
Christmas trading period to the end of December 2012.
Overall Christmas results were broadly in line with management
expectations and the Group has achieved record levels of sales of
gift packaging across all territories.
Our US business has achieved strong sales growth during the
period, both domestically and in its expanding Canadian and South
American markets. In Europe, we are pleased to see some positive
trends coming through, supported by a successful first season of
production using our new state of the art gift wrap manufacturing
facilities in Holland. Our new Christmas cracker manufacturing
facility in China has now completed its first season and we are
encouraged at the level of orders secured for crackers from our
customers throughout the world, including those with many of the
UK's blue chip retailers.
As announced at the Interim Results, a major customer of
Artwrap, our joint venture in Australia, went into voluntary
administration. However, immediate and effective action was taken
to minimise impact on the Group's earnings and we can confirm that
there will be no further exceptional costs to the Group beyond the
GBP0.75m provision made at the half year. Management expectations
are that Artwrap will contribute less significantly to the headline
profit of the Group in the near future.
The Board remains committed to its key twin financial objectives
of driving growth in earnings per share and reducing debt which are
expected to be in line with expectations.
Paul Fineman, Chief Executive said:
"The Christmas trading period included a number of notable
successes in our wholly owned businesses in the US, UK and
Continental Europe, which continue to enjoy significant business
with the world's leading mass market retailers. We are also seeing
encouraging new developments, including the addition of 750 US
based customers purchasing our growing offering of high quality,
innovative and premium end products.
"We remain confident that our strategy to create a balanced
global business, whilst driving efficiencies and seeking out
prudent investment opportunities across the Group, places us in a
strong position for future growth."
- ENDS-
For further information, please contact:
International Greetings plc Tel: 01525 887 310
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
Georgina Goodhew
This information is provided by RNS
The company news service from the London Stock Exchange
END
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