LONDON (Alliance News) - International Greetings PLC Thursday said that trading in its last financial year was in line with expectations, driven by strong growth in its European business.
"Our focus on leverage and overall debt reduction across the group has produced an outcome ahead of current market expectations," the company said in a statement.
The gift packaging and greetings card manufacturer said revenue in the year ended March 31 was driven by strong growth within its European business, whilst trading in the US was held back by extreme weather conditions and winter storms in the US.
"Investments in capital projects, which shall create important future efficiencies in manufacturing operations, have proceeded on time and on budget," the company said.
The projects include improvements in Wales, with initial production using new high definition presses scheduled for Spring, as well as new automated case packing equipment in the US, and enhanced semi automated processes in China. In a trading statement at the end of January, the company said its growing gift bag sales will be supported by enhanced gift bag manufacturing capability within its existing facility in China.
International Greetings also said that it is pleased with the development of its order book for the current financial year.
Shares in the company were up 6.4% at 75.00 pence Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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