IG Design Group PLC - Newport Pagnell, England-based designer and manufacturer of celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partywares - Posts revenue of USD890.3 million for the year ended on March 31, down from USD965.1 million the year before. Says the decrease in revenue is due to adverse foreign currency movements, "lower second-half volumes in DG Americas and the strategic decision to continue to exit from unprofitable contracts in the US". Swings to a pretax loss of USD18.9 million from a profit of USD2.2 million. Says this is impacted by a non-cash, one-off write-down of the historic goodwill in the UK business of USD9.1 million.
Declares no total dividend for the year, compared to 1.25p a year prior. Looking ahead, expects continued progress with its aspiration to return to pre-pandemic operating profit margins by the end of financial 2025.
Non-Executive Chair Stewart Gilliland says: "[Financial 2023] was a strong year of recovery and delivery by the group, notwithstanding continued economic challenges across our markets. Last year's decision to place stronger, immediate focus on recovering margins, simplifying the business model and better managing working capital delivered results ahead of our expectations."
Current stock price: 136.90 pence each, up 1.4% on Tuesday morning in London
12-month change: up significantly from 65.50p a year earlier
By Xindi Wei, Alliance News reporter
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Design Group (IGR)