LONDON (Alliance News) - IG Design Group PLC on Tuesday said it expects to report a "substantial" year-on-year growth following a double-digit increase in earnings in the first nine months of its financial year.
The gift packaging company said it has continued to deliver a strong performance, with revenue for the nine months to the end of December up 36%. Revenue on the like-for-like basis rose by 9%.
IG Design said it has seen growth in revenue and profit across all regions, with non-UK-based customer revenue now accounting for over 70% of the company.
The company also confirmed that it remains on track to deliver diluted earnings per share in line with market expectations, with year-on-year growth expected to be in excess of 20%.
"The performance of the group throughout this period has been strong with all regions growing both revenue and profit, underpinning significant year on year growth," said Chief Executive Paul Fineman.
In addition, IG Design said the integration of Impact Innovations, acquired in August 2018, is progressing ahead of expectations. The company expects to deliver USD5 million of annual synergies by the end of its financial 2021.
Meanwhile, the company also said its US manufacturing operations are now fully consolidated and the proposed sale of the Midway site has now been completed, with gross proceeds of USD7 million.
Looking forward to the year ahead, IG Design said it has a strong committed order book and pipeline of contracts in negotiation.
"Continued delivery against our strategy means we confidently enter financial 2020 with good overall momentum, across our diversified group including further benefits from the integration of the Impact acquisition in the US," added Fineman.
IG Design shares were trading 1.0% higher on Tuesday at 594.80 pence each.
Design Group (IGR)