IGR Ig Design Group Plc

 

TIDMIGR 
 
RNS Number : 6133S 
International Greetings PLC 
21 May 2009 
 

International Greetings 
Trading statement - 21st May 2009 
International Greetings announces today a trading update for the year ended 
March 31st 2009. 
The Group has achieved significant progress in the second half of the year, with 
full year sales up by over 10% against the prior year at GBP217m. The Board 
currently anticipates that the full year outcome, before restructuring costs, 
impairment charges and other significant items, will be close to break even. 
The Group's debt facilities have been renegotiated, and we continue to enjoy the 
full support of our banks. We have also made ongoing progress with regards to 
our debt position and at the year end debt, at GBP69m, whilst slightly above 
last year, had fallen by 12% on a like-for-like exchange rate basis, the 
exchange impact being GBP12.2m. 
We have restructured our Board and Senior Management teams in the period. The 
new team took immediate action, including the completion by March 31, 2009 of 
the major restructuring of the UK Greeting division and carrying out a wide 
ranging operational review. Whilst this has  resulted in significant one-off 
costs and impairments, this was an essential part of the Board's plan for the 
recovery of the business in the forthcoming year. 
The Group anticipates announcing its full year results in late July. 
Paul Fineman, Group CEO, commented: 
"This has been a particularly challenging, but nevertheless a productive and 
progressive year, for International Greetings PLC. Whilst trading conditions 
seem likely to remain difficult for some while, we believe that we have now 
established a sound platform for future growth." 
 
 
Enquiries: 
International Greetings plc, Tel: 01707 630630 
Paul Fineman, Chief Executive 
Sheryl Tye, Finance Director 
 
 
Arden Partners plc, Tel: 020 7398 1632 
Richard Day 
 
 
Financial Dynamics, Tel: 020 7831 3113 
Jonathon Brill 
Caroline Stewart 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTBIGDUDDDGGCG 
 

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