Last checked at 18 Jan 2016 07:00
18 January 2016
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 2015.
The Group is pleased to report that following the strong performance reported over the first six months ending 30 September 2015, trading has continued to be strong during the Christmas period. Results remain in line with expectations with all regions trading profitably. We are therefore confident that the Group is on target to deliver EPS growth for the full financial year ended 31 March 2016 in line with expectations.
During the year significant progress has been made across a number of commercial and operational initiatives:
· In Wales and Holland, our new state-of-the-art giftwrap manufacturing facilities have enabled us to produce high volumes very efficiently, with return on investment in line with our business plans.
· Our operation in China has performed very well throughout the year and continues to enhance capability across all of its product categories.
· In the USA, record sales levels were reached with growth across all channels together with an expansion of export activities to Canada, Mexico and Brazil.
· We have seen significant growth of our market share in Australia where our 'Celebrations' product offering has successfully broadened to include a comprehensive party ware offering.
· Sales performance during the Autumn/Winter period of the Group's licensed product portfolio featuring the Star Wars franchise and the popular 'Minions' as well as 'Frozen' ranges, includes sales to new licensed territories in addition to new customers and channels.
Paul Fineman, Chief Executive, said:
"The Group's overall progress is very encouraging and reflects our focus on providing great products, design and service to our customers around the world.
The recent years of investment in people and in fast pay-back capital equipment provide a strong foundation for continued progress across all fronts. Our results and on-going focus on converting profit into cash underpins our ability to provide increasing dividends to shareholders."
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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: 0203 727 1000
Jonathon Brill
Tom Hufton