LONDON (Thomson Financial) - International Greetings PL
C posted a lower first-half pretax profit and announced board changes to improve the performance of its UK Greetings division, which it said continues to be affected by the tough trading climate.
It said Anders Hedlund will step down as joint chief executive and become deputy chairman and that Nick Fisher, currently joint chief executive, will become the sole group chief executive.
It also named Paul Fineman group managing director and said that all the board changes are effective immediately.
The company said it is continuing to experience difficulties with revenues and margins in the UK Greetings division.
Consequently, an extensive review is underway which will lead to a restructuring of the UK manufacturing and distribution base and its associated plants in both Latvia and China, the company said.
Following the restructuring, the business will show improved results in the future, it said.
The company, which declared an interim dividend of 2.0 pence, said pretax profit for the half year fell to 1.9 mln stg from 5.6 mln a year earlier, while revenue rose to 91.77 mln stg from 85.09 mln.
International Greetings said turnover from its US division grew by 10 pct and rose 24 pct at its European Gift Wrap division.
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