Design Group Regulatory News (IGR)

5 Jun 2007 07:01

International Greetings PLC05 June 2007 5 June 2007 INTERNATIONAL GREETINGS PLC ("International Greetings" or "the Group") International expansion strategy progresses through European and UK acquisitions - Notice of results - International Greetings PLC (AIM: IGR), the leading designer and manufacturer ofgreetings products and film and television character based licensed stationery,announces three acquisitions, Weltec Holding BV, Artex and Pinwheel Limited. Weltec Holding BV ("Weltec")Based in Holland, Weltec is a supplier of photo frames, selling primarily to theGerman market. Its products will fit well with those of Anchor BV, also based inHolland, which was acquired by the Group in April 2006. It will provideInternational Greetings with new customers and routes to market through which itcan sell its other existing product ranges. For the year to 31 December 2006,Weltec's unaudited accounts showed a turnover of €7.8 million and an operatingprofit of €48,000, excluding amortization of goodwill. It has been acquired fora consideration of €415,000. ArtexArtex is based in Zgorzelec, Poland (on the German border near Dresden) and is agift wrap supplier to Eastern Europe. It provides International Greetings withits first sales platform located in Eastern Europe, a geographic region whichhas been identified as an important area of future expansion by the Group. Inaddition to gift wrap, Artex also sells bags, bows and ribbons. It was acquiredfor an initial consideration of €300,000 with additional amounts payable basedon future profitability over five years. For the year to 31 December 2006, Artexhad a turnover of €1 million. Pinwheel LimitedThe Group has acquired the business and assets of Pinwheel Ltd, which owns thebook publishing rights for the Pinwheel, Andromeda and Gullane Children's Bookbrands, which sell into the UK and US markets. Pinwheel was acquired from theadministrators by the Group's subsidiary, Alligator Books Limited, for aninitial consideration of £417,000 and a maximum total consideration of up to£460,000. In the year to 31 March 2006, Pinwheel's unaudited accounts showedturnover at £4.1 million, of which £2.3 million was derived in the US. International Greetings also announces that it will report results for the yearto 31 March 2007 on 26 June 2007. Joint Chief Executive, Nick Fisher, commented: "These acquisitions underline ouracquisition strategy both in Europe and the UK. Weltec and Artex strengthen ourbase in mainland and Eastern Europe, building on the foundations laid by ourEuropean subsidiaries Hoomark and Anchor BV. "Pinwheel complements Alligator's existing product range and strengthens itsposition as a leading children's book publisher in the UK and furthers theGroup's ambitions in the US. "We are delighted with these additions to the Group and continue to evaluateadditional acquisition opportunities as they arise, reinforcing our position asthe industry consolidator." For further information: Nick Fisher, Joint Chief Executive, International Greetings plc: 01707 630 630 Richard Sunderland, Tavistock Communications: 020 7920 3150 Notes to Editors: International Greetings PLC is a leading designer and manufacturer of privatelabel wrapping paper, greetings products and film and television character basedlicensed stationery. It currently has over 2,000 employees and produces giftwrapping paper, accessories, Christmas crackers, greetings cards and otherstationery products. The Group supplies wrapping paper and gift products to a number of globalretailers and holds licences to produce merchandise for most of the well-knownfamily characters, including Disney, Shrek and the forthcoming Simpsons Movie. International Greetings was founded in the UK in 1979 and, in addition to the UKand Western Europe, has successful operations in the United States, Hong Kong,China and Latvia. The Company continues to grow its operations in Europe,through its subsidiaries Hoomark and Anchor BV, both based in the Netherlands,which supplies a wide assortment of greetings, festive, stationery andphotographic gift products, complementing the Group's other ranges. International Greetings listed on AIM in 1995 and is capitalised at about£190 million. Further information is available at www.internationalgreetings.co.uk This information is provided by RNS The company news service from the London Stock Exchange