IG Design Group PLC - Milton Keynes, Bedfordshire-based consumer gift packaging - records 11% increase in pretax profit in the six months to September 30 to USD18.9 million from USD17.1 million . Says revenue increased 11% in the period to USD483.9 million from USD434.6 million, year-on-year. Attributes this to higher demand with sales up 25% compared a "softer," Covid-19 impacted period a year before. Notes that sales in largest trading months August and September were impacted by supply chain issues. Declares interim dividend of 1.25 pence per share, down 25% from 1.68 pence.
Looking ahead, states it is on track to earn back delayed revenue from first half in the second half but expects operating margins to remain "depressed" throughout the year.
"Demand is strong across our business and full-year 2022 remains on track to achieve record revenues. Despite being constrained at the half-year by extraordinary supply chain challenges, our opportunity for long-term profitable growth remains undiminished," Chief Executive Paul Fineman said.
Current stock price: 248.00 pence, up 6.0% on Tuesday
Year-to-date change: down 62%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Design Group (IGR)