Greetings Today magazine, giving you the bigger picture

International Greetings wraps up strong half year sales

Gift wrap and stationery supplier International Greetings more than doubled half year profit while sales rose 13% as it moves confidently into the key Christmas period.

Trading has continued in line with expectations since the period end, the group said in a company statement.

Paul Fineman (right), chief executive said: “We are pleased that we have continued to deliver on our strategy and improve the profitability and cash
generation of the Group. We have a strong platform in place and there remains considerable scope for our business to continue to benefit from knowledge-sharing, cross selling and deriving efficiencies across the
Group.

“We expect conditions to remain challenging, but are pleased with our progress and excited about the growth opportunities across the international markets in which we operate.”

Profit before tax increased to £2.1m for the six months ended 30 September 2010 from £1m the year before. Revenue rose to £104.5m from £92.8m previously.

UK sales increased 8%, whiles US revenues were 6% down on the year before mainly because of later scheduling of Christmas orders. Mainland Europe saw sales increasing by 8% after a strong performance in Eastern Europe.

Artwrap saw like-for-like sales rise by 21%.

Financial highlights

  • Sales up 13% to £104.5m (2009 H1 restated: £92.8m)
  • Profit from continuing operations before tax up 110% to £2.1m (2009 H1 restated: £1.0m); no significant items in the period
  • Profit after tax is £1.9m (2009 H1 restated: £0.3m)
  • Operating profit was up 31% to £3.8m (2009 H1 restated: £2.9m)
  • Net debt at 30th September £86.4m (2009 H1: £101.2m), down 15%
  • Increased from 31st March 2010 due to normal seasonal working capital requirements;
  • Debt reduction programme remains on-track


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