LONDON (Alliance News) - Wrapping paper and greeting cards company International Greetings PLC on Monday said all regions performed well in the year to the end of March and its overall outcome for the financial year was ahead of market expectations.
International Greetings said its financial performance was ahead of expectations in the year to March 31, resulting in double-digit earnings per share growth. The group said it expects to pay a final dividend of 1.75 pence per share, meaning its total dividend will rise to 2.5p, up from 1.0p the year before.
International Greetings said its sales hit record levels in the UK and China, with profit ahead of forecast thanks to an very strong manufacturing performance.
In Europe, the company said growth in sales and effective management of its revenue mix has helped offset an expected hit from the weak euro, while trading in the second half improved in Australia to deliver a stronger overall profit.
Commercial and financial trading in the US has also been good, International Greetings said.
"This is a particularly exciting stage of our development in which we remain well positioned for organic growth and continue to seek compelling acquisition opportunities," said Paul Fineman, the company's chief executive, said.
Shares in the group were up 10% to 172.00p early Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Design Group (IGR)