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21 May 2009 07:00
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International Greetings
Trading statementΒ -Β 21stΒ May 2009
International GreetingsΒ announces today a trading update forΒ the year ended MarchΒ 31stΒ 2009.
The Group has achieved significant progress in the second half of the year, withΒ full yearΒ sales up by over 10% against the prior yearΒ at Β£217m. The Board currently anticipates that the full year outcome, before restructuring costs, impairment chargesΒ and other significant items, will be close to break even.
TheΒ Group'sΒ debtΒ facilities haveΒ beenΒ renegotiated,Β andΒ we continue to enjoyΒ the full support of our banks.Β WeΒ have also made ongoingΒ progress with regardsΒ to our debt position and at the year endΒ debt,Β at Β£69m, whilst slightly above last year,Β had fallenΒ by 12% onΒ aΒ like-for-like exchange rateΒ basis, the exchange impact being Β£12.2m.
WeΒ haveΒ restructuredΒ our Board and Senior Management teamsΒ in the period. The new team took immediate action, including the completion by March 31, 2009 of the major restructuring of the UK Greeting divisionΒ andΒ carryingΒ outΒ aΒ wide rangingΒ operationalΒ review. Whilst this hasΒ Β resultedΒ in significantΒ one-offΒ costs and impairments,Β thisΒ was an essential part ofΒ the Board's plan for the recovery of the businessΒ in the forthcoming year.Β
The Group anticipates announcing its full year results inΒ lateΒ July.
Paul Fineman, Group CEO, commented:Β
"This has been a particularly challenging, but nevertheless a productive and progressive year,Β for International Greetings PLC.Β Whilst trading conditions seem likely to remain difficult for some while, weΒ believe that weΒ have now establishedΒ aΒ soundΒ platform forΒ futureΒ growth."
Enquiries:
International Greetings plc, Tel: 01707 630630
Paul Fineman, Chief Executive
Sheryl Tye, Finance Director
Arden Partners plc, Tel: 020 7398 1632
Richard Day
Financial Dynamics, Tel: 020 7831 3113Jonathon BrillCaroline Stewart
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