International Greetings PLC Pre Close Trading Update (9401R)
26 Novembro 2012 - 5:00AM
UK Regulatory
TIDMIGR
RNS Number : 9401R
International Greetings PLC
26 November 2012
26(th) November 2012
International Greetings PLC (the "Group")
Pre Close Trading Update
International Greetings PLC, one of the world's leading
designers, innovators and manufacturers of gift packaging and
greetings, stationery and creative play products, announces the
following trading update.
We continue to enjoy year on year sales growth, both in value
and volume. Sales and underlying profits for the Group for the six
months ended 30th September 2012 are in line with expectations,
with especially strong progress in the United States.
Whilst not without its challenges, the first season following
the relocation of our manufacturing facilities in China was
substantially completed during the period, with production of over
65 million Christmas crackers expected during 2012. This will
contribute to the development of our UK business, where there has
been strong top-line growth, providing some mitigation of on-going
margin pressures.
Record levels of gift wrap volumes continue to be sold, now
supported by new high speed state of the art manufacturing
equipment in the Netherlands, which was successfully installed
during the Spring. This facility has already begun to bring greater
levels of efficiency to help combat the market conditions in
Continental Europe.
Performance in our US business has been particularly strong with
consistent double digit growth and profitable diversification into
new channels and product categories. Good progress was made across
the whole of North America in entry and premium level markets.
Our Joint Venture in Australia is now experiencing some of the
macro economic market conditions which the Group has successfully
managed in recent years in the US, UK and European markets. This
has included a voluntary insolvency process by a material customer
subsequent to the half year end, which will give rise to an
exceptional charge in the interim accounts, although our secured
status will mitigate the impact.
Overall the Group's debt reduction programme remains in line
with management expectations with the benefit of reduced interest
rates being felt as de-leverage targets have been achieved.
Paul Fineman, CEO commented:
"Our track record over recent years of prudent investment
combined with the provision of innovative and competitive products
has enabled us to combat competitive market dynamics across our
global customer base underlining the importance of creating
efficiencies across the Group, leveraging scale and continuing to
balance the geography, product category and seasonality of our
activities.
The Board is confident that the Group is well positioned to
continue its delivery of profitable growth for shareholders."
The Group will publish its Interim Results for the six months
ended 30th September 2011 on 11th December 2012
- 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
Georgina Goodhew
This information is provided by RNS
The company news service from the London Stock Exchange
END
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