Interim Results
04 Dicembre 2002 - 8:00AM
UK Regulatory
BW20021203002473 20021204T070012Z UTC
( BW)(INTERNATIONAL-GREETINGS-PLC)(IGR) Interim Results
Business Editors
UK REGULATORY NEWS
LONDON--(BUSINESS WIRE)--Dec. 4, 2002--
Profits up 30% at International Greetings
Gift wrap division back on track
Good Christmas expected
International Greetings PLC, the leading designer and manufacturer of
private label greetings products and licensed stationery, today
announced interim results for the six months ended 30 September 2002.
Highlights included:
o Pre-tax profits up 30% to �4.3 million (2001: �3.3 million(a))
o Earnings per share up 29% to 7.1p (2001: 5.5p(a))
o Dividend per share up 8% to 1.3p (2001: 1.2p)
o Over 1 billion feet of gift wrap produced by end November
o Benefits from changes at UK gift wrap division to continue in second half
o Optimistic for full year and outlook for 2003 / 04
Nick Fisher, Joint Chief Executive, commented: "It's great to return
to reporting earnings growth once again after last year's setback. We
have made good progress in resolving the production problems in the UK
gift wrap operation and we will see further benefits from this in our
full year figures.
"By November, we had produced a record one billion feet of gift wrap,
which was delivered on time and at the right cost.
(a) Excluding an exceptional cost of �317,000 in 2001.
"I am confident about the outlook for the full year, which will
include sales from our Harry Potter ranges and with a strong retail
climate this Christmas, we are optimistic about customer commitments
for next year."
For further information, please contact:
Edelman Financial
Michael Henman Tel.: +44 (0)20 7344 1200
Ben Russell Tel.: +44 (0)20 7344 1200
Chairman's Statement
I am pleased to report interim results for the six months to 31st
September 2002. Turnover for the period showed a modest increase of 3%
to �49m. However, our continuing focus on cost and efficiency
improvements has resulted in an 11% increase in operating profit(a) to
�4.8m. We have also reduced capital expenditure, tightened control of
working capital and in combination with reduced interest rates, this
has resulted in interest payable down by 49% from last year at �0.5m.
Overall , profit before taxation(a) increased to �4.3m, 30% higher than
last year.
I am particularly pleased that the changes in management and
procedures at the UK gift wrap division have delivered significant
improvements in both the operating performance and the profitability
of the Division, and we expect these benefits to continue during the
second half of the year. Recent investment in new machinery in this
division has resulted in record levels of output at increased
efficiency levels. By the end of November annual production of gift
wrap had exceeded one billion feet, and this has been achieved at the
same time as continuing to maintain our delivery performance and
customer service levels at a high level.
We are continuing to expand the group's worldwide sourcing programme
and are currently evaluating a number of alternative methods of
developing it further. This is of considerable long-term strategic
importance to the group's ability to both extend its supplier base and
reduce costs. It also enables the group to meet the increasing demand
for higher value-added, hand-made products, particularly in the card
and accessories market segment.
Design and licensing remains a key factor in the success of our
business. As a result, we were delighted to be awarded the prestigious
"Stationery Licensee of the Year Award" at the annual Licensed
Industry's Awards, recognising our commitment to licensed design
within our industry. In addition, with the recently released Harry
Potter film we expect strong demand for our products during the second
half of our financial year.
With our seasonal manufacturing peak now completed and an encouraging
current retail climate in the lead up to this year's Christmas, we are
optimistic about both our full year's performance and our customers'
commitments for Christmas 2003. Reflecting this confidence in both the
strength of our business and the market place in general, your Board
is proposing a dividend of 1.3p per share, an increase of 8% over last
year. The dividend will be paid on 15 January 2003 to all shareholders
on the register on 3 January 2003.
John Elfed Jones CBE DL
CHAIRMAN
(a) Excluding an exceptional cost of �317,000 in 2001
GROUP PROFIT AND LOSS ACCOUNT
Six months ended 30 September 2002
Unaudited Unaudited Audited
6 months to 6 months to Year ended
0 September 30 September 31 March
2002 2001 2002
�000 �000 �000
Turnover 48,950 47,355 110,653
Operating Profit (see Note 4 below) 4,790 4,009 10,142
Interest payable (531) (1,051) (1,657)
Profit before taxation 4,259 2,958 8,485
Taxation (1,330) (928) (2,516)
Profit after taxation 2,929 2,030 5,969
Dividend ( 535) (490) (1,849)
Retained Profit 2,394 1,540 4,120
Earnings per share 7.1p 5.0p 14.6p
Diluted earnings per share 7.0p 4.8p 14.2p
Dividend per ordinary share 1.3p 1.2p 4.5p
Note:
1 The figures for the year ended 31 March 2002 are an abridged
version of the published accounts which have been reported on
without qualification by the auditors, and without any statement
under Section 237(2) or (3) of the Companies Act 1985, and have
been delivered to the Registrar of Companies.
2 The calculation of earnings per share is based on 41,117,257 (6
months to 30 September 2001: 40,808,924, 12 months to 31 March
2002: 40,864,758) ordinary shares being the average number of
shares in issue during the period. The calculation of diluted
earnings per share is based on 41,890,805(6 months to 30 September
2001: 42,088,336, 12 months to 31 March 2002: 41,907,777) ordinary
shares calculated in accordance with FRS14.
3 The taxation charge for the six months ended 30 September 2002 is
based on the estimated tax rate for the full year.
4 Operating profit for the six months ended 30 September 2001 is
stated after allowing for an exceptional cost of �317,000 (12
months ended 31 March 2002: �420,000) representing full provision
against an insurance claim debtor arising from the liquidation of
the company's insurers, Independent Insurance Company, in June
2001.
Short Name: Intnl Greetings PLC
Category Code: IR
Sequence Number: 00001348
Time of Receipt (offset from UTC): 20021203T181521+0000
--30--fg/uk*
CONTACT: International Greetings PLC
KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: PUBLISHING EARNINGS
SOURCE: Intnl Greetings PLC
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