International Greetings PLC Trading Update (7324Y)
January 29 2014 - 1:00AM
UK Regulatory
TIDMIGR
RNS Number : 7324Y
International Greetings PLC
29 January 2014
29th January 2014
International Greetings PLC (the "Group")
Trading Update
International Greetings PLC, one of the world's leading
designers, manufacturers, importers and distributors of gift
packaging and greetings, stationery and creative play products
announces an update for the third quarter, which covers the
Christmas trading period to the end of December 2013.
We are pleased to report that the Group has performed well
during the Christmas trading period and results are in line with
expectations. In addition, debt levels are lower than expected;
this is especially pleasing in a year during which we have
increased capital expenditure to deliver fast payback future
benefits.
Investment update
The significant investment projects undertaken to deliver
important efficiencies in manufacturing operations are proceeding
on time and on budget. These include projects:
- in Wales, with initial production using new high definition
presses scheduled for Spring 2014
- in USA, where new automated case packing equipment will be
operational in Spring 2014
- in China, where enhanced semi automated processes in cracker
manufacturing ensure competitive advantage is retained.
Our growing gift bag sales will also now be supported by
enhanced gift bag manufacturing capability within our existing
facility in China. This is to be introduced in Spring 2014 and will
provide our customers with a broad portfolio of gift packaging
products within our fully compliant factory.
Paul Fineman, Chief Executive, said:
"This has been an exciting time for the Group. We are committed
to creating an enhanced platform for future earnings growth, as
demonstrated by the investment across our manufacturing operations.
Importantly, our strong operational performance during the
Christmas trading period also reflects our ability to generate cash
and deleverage our business, in line with our strategy, to maximise
value for shareholders."
- Ends-
For further information, please contact:
International Greetings plc Tel: 01525 887310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities plc
Bobbie Hilliam Tel: 0207 397 8900
FTI Consulting
Jonathon Brill
Georgina Goodhew Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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