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LONDON (Alliance News) - International Greetings PLC on Wednesday said its first quarter trading was in line with its expectations and said it remains on track to meet market forecasts for the full year, following expansion of its US operation and a number of licensing agreements it has secured.
The greeting cards and gift packaging company said its sales in the first quarter to the end of June were in line with its expectations, as were customers orders for the balance of the year. The group thinks it looks well-positioned to deal with any challenges that may arise from the weakness in the euro and the Australian dollar.
International Greetings said its commercial and operational activities in the US are encouraging and the company has started a phased investment programme for its US manufacturing facility, with new high-speed gift wrap converting equipment to be installed in early 2016.
The group also also extended its existing relationship with German discount retailer Aldi in the US and said it has secured a Christmas commitment from an unnamed drugstore for its products to feature in more than 7,500 stores. International Greetings also has started trading with a chain of more than 8,000 discount stores in the US, also unnamed, where a range of products will be launched in autumn 2015.
In the first quarter, International Greetings signed a licensing deal with Disney for the Star Wars franchise and entered into an agreement with Coca-Cola to feature the Coca Cola Santa Claus across a range of gift packaging and greetings products in the UK.
"We are delighted with the opportunities created from our ever strengthening cross regional customer relationships and also from the exciting new licensing arrangements that we have concluded featuring some of the world's most loved and iconic characters and brands," said Paul Fineman, International Greetings' chief executive.
"Having re-balanced the group over recent years, we are well placed to continue to grow overall profitability," Fineman added.
Shares in the company were up 1.5% to 136.4999 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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