International Greetings PLC Trading Update (7654K)
April 21 2015 - 1:01AM
UK Regulatory
TIDMIGR
RNS Number : 7654K
International Greetings PLC
21 April 2015
21(st) April 2015
International Greetings PLC
("International Greetings" or 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, is
pleased to announce a trading update in relation to the 12 months
ended 31 March 2015.
Highlights:
-- Financial performance ahead of expectations, further enhancing earnings per share
-- Significant reduction in leverage
-- Target of ratio of year end net debt to EBITDA below two
times achieved a year ahead of schedule
-- Resumption of dividend payment
The Group is pleased to confirm that progress made both during
the final quarter and the year has been very encouraging resulting
in the Group's financial performance for the year ended 31 March
2015 exceeding current market expectations. The combination of
excellent overall operating performance, lower financial costs and
an improved mix of tax rates across the Group's global portfolio,
will significantly enhance earnings per share.
The Group is also delighted to confirm that progress made on
debt reduction has been significant, with substantial reductions in
working capital achieved. Consequently, the Board's key target to
bring the ratio of year end net debt to EBITDA below two times has
now been comfortably achieved a year ahead of schedule.
As a result of the above and as previously signalled, the Board
is pleased to confirm that the Company will return to the dividend
list and a final dividend will now be declared in respect of the
year ended 31 March 2015.
This year our UK and European businesses have delivered strong
results; underpinned by yielding savings ahead of schedule as a
result of the successful execution of our capital investment
programme in the UK and excellent integration of our acquisition of
Enper BV in Europe. Both these initiatives have helped compensate
the challenging conditions faced by our joint venture in
Australia.
In the US, whilst top line growth remains strong, there is scope
for margin and efficiency improvements. We also announce the
appointment of Gideon Schlessinger as CEO of International
Greetings USA, following the untimely death last year of his
predecessor, Rich Eckman. Gideon brings a wealth of experience in
developing businesses with both US and global retailers and will
lead a team of enhanced capability in a key region for growth.
The Group's businesses are engaged in trading with over 5,000
customers in more than 100,000 retail outlets across 80 countries,
providing diverse revenue streams amid varying market
conditions.
Commenting on the year's performance, Paul Fineman, Group CEO
said:
"It is particularly pleasing to demonstrate an excellent outcome
underpinned by fast pay back on investments recently made whilst
having identified further opportunities to drive future progress in
all regions."
-Ends-
For further information please contact:
International Greetings plc Tel: 01525 887310
Paul Fineman, Group CEO
Anthony Lawrinson, Group CFO
Cenkos Securities plc Tel: 0207 397 8900
Bobbie Hilliam
FTI Consulting Tel: 020 3727 1000
Jonathon Brill
Tom Hufton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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