LONDON (Alliance News) - IG Design Group PLC on Tuesday said its profit jumped in the first half of its current financial year, boosted by a recent acquisition.
The gift packaging and greeting cards maker said pretax profit grew by a half to GBP14.0 million in the six months to the end of September from GBP9.5 million reported in the same period a year earlier.
Revenue rose 23% to GBP205.2 million from GBP166.5 million year-on-year, reflecting the purchase of Impact Innovations Inc.
At the end of August, IG Design agreed to buy US gift packaging firm Impact Innovations for GBP56.5 million.
Excluding the effect of foreign exchange and of Impact since acquisition, IG Design sales increased by 4% and underlying profit before tax by 38%.
IG Design declared an interim dividend of 2.5 pence, up from 2.0p paid the year before.
"Our overall performance during the first half of the year has been particularly pleasing," said chief Executive Paul Fineman.
"We have great confidence that we remain very well placed for future growth both organically and through well considered mergers & acquisitions opportunities," added Fineman.
IG Design shares were trading 0.9% higher on Tuesday at 570.08 pence each.
Design Group (IGR)