International Greetings returns to profit

Greetings card group International Greetings said it returned to profit in the six months ended 30 September 2009 and is confident that the progress will continue for the rest of the year.The group reported a pre-tax profit from continuing operations of £0.8m compared with a loss of £6.8m before. Revenue from continuing operations fell to £93.8m from £99.1m. Chief executive Paul Fineman said, "Following the significant changes implemented last year we have focussed on driving operational improvements and enhancing margins, resulting in our ability to generate cash. We are encouraged by the results, and importantly we have returned the business to profit.""Whilst market conditions have remained challenging, the changes we have already made have led to a more balanced, stable business," he added.It added that the turnaround of US operations is progressing well while total net debt has been reduced by 10.6% to £101.2m. The board will not be declaring an interim dividend.