Last checked at 28 Jan 2015 07:00
28th January 2015
International Greetings PLC (the "Group")Trading Update
International Greetings PLC, one of the world's leading designers, manufacturers, importers and distributors of gift packaging and greetings, stationery and creative play products, announces an update for the third quarter, which covers the Group's key Christmas trading period to 31 December 2014.
We are pleased to report that the Group has performed well during the Christmas trading period and results are in line with expectations with all regions trading profitably. The Group is on target to deliver planned EPS growth for the full financial year ended 31 March 2015 in line with the Group's performance over recent years and the Board's stated growth strategy.
We are also delighted to report excellent progress across a number of commercial and operational initiatives.
In Wales, our new state-of-the-art giftwrap manufacturing facilities were completed on time and to budget and are already producing significant volumes highly efficiently.
Our Dutch based operation has achieved record sales and production volumes and has now fully integrated Enper BV which was acquired in June 2014.
In the USA, record sales levels were reached with growth across all channels underpinned by successfully managing the short term operational challenges reported at the time of the Interims.
The Group's sales of licensed products has included over three million products featuring Disney's 'Frozen' across our gift packaging and creative play categories.
Paul Fineman, Chief Executive, said:
"We are very encouraged by the Group's overall progress driven by our performance and dedication in providing great service and products to our customers in more than 80 countries.
We have achieved this whilst simultaneously transforming our manufacturing platform in the UK and also fully integrating the business we acquired in Holland.
Our exciting portfolio of brands and product categories, combined with our competitive position bodes extremely well for the future as we continue to focus on reducing leverage and converting the Group's growing profits into cash".
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For further information, please contact:
International Greetings plc Tel: 0152 588 7310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities plc Tel: 0207 397 8900
Bobbie Hilliam
FTI Consulting Tel: 0207 831 3113
Jonathon Brill
Georgina Goodhew