(Alliance News) - IG Design Group PLC shares jumped on Wednesday, after it said it expects full-year results in line with expectations
IG Design is a Newport Pagnell, England-based designer and manufacturer of celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partywares.
Its shares were up 11% to 125.00 pence each in London on Wednesday afternoon.
IG Design said that in the six months ended September 30, it has made progress in improving operational efficiency and simplifying the business.
These initiatives have resulted in significant growth in profit and margin for the period compared to the same period last year, it noted, as well as "significantly lower" net debt.
"Both measures are notably ahead of management's expectations for the period," it added.
Commenting on its outlook, the company said it expects full-year results to be in line with company expectations.
IG said: "This represents a strong year-on-year improvement in profit and cash flow compared to the prior financial year, albeit sales will be lower for the reasons given."
Looking further ahead, IG Designs aims to return the company to pre-pandemic operating margins by the end of financial 2025.
IG Design will publish its in interim results on November 28.
By Sophie Rose, Alliance News reporter
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Design Group (IGR)