International Greetings on track to meet targets as annual profits rise

Gift packaging, cards and stationery group International Greetings reported a small rise in profits in the year to March 31st with all operating regions trading profitably.Revenues slipped 0.3% to £224.5m due to currency movements, but adjusted profit before tax increased by 4% to £7.6m, while adjusted diluted earnings per share (EPS) were up 6.4% at 8.3p.The company said the Continental Europe region more than doubled profits, reflecting its upgrade of gift wrap production facilities in Holland in 2012. Europe accounts for 15% of group sales.Meanwhile, the major upgrade of its gift wrap manufacturing facilities in Wales remains on time and on budget, it said.International Greetings said that it remains on track to meet its three-year plan to deliver double-digit EPS growth. It is now entering the second year of the plan.Chief Executive Paul Fineman said the company delivered a "strong year" and the board "look[s] forward to the future with confidence"."As we enter the second year of our new three year plan, we are on plan to deliver double digit cumulative average growth in earnings per share and are ahead of schedule to meet our commitment to reduce debt and leverage below two times [operating profits]."Net debt reduced by 12% to £36.9m during the year, while leverage fell from 2.8 times to 2.4 times.The stock was up 8% at 81p in early trading on Wednesday.BC