International Greetings PLC Trading Update (4162V)
18 Aprile 2016 - 8:00AM
UK Regulatory
TIDMIGR
RNS Number : 4162V
International Greetings PLC
18 April 2016
18 April 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, is
pleased to announce a trading update, in relation to the 12 months
ended 31 March 2016.
Highlights
-- Financial performance is ahead of expectations, resulting in
a further year of double digit earnings per share growth
-- Operational cashflow and debt reduction continues to reduce
leverage significantly ahead of expectations. Property held
available for sale at Aberbargoed in Wales was sold with proceeds
of GBP1.45m received on 31 March 2016
-- The strength of our performance and resultant cash generation
underpins the payment of a final dividend for FY16 ahead of market
expectations. The Company intends to pay a final dividend of 1.75p,
resulting in an overall full year dividend of 2.5p (FY15: 1.0p)
The Group is delighted to confirm that all regions have
delivered year on year growth and an overall outcome ahead of
market expectations.
In the UK and China, record sales combined with an excellent
manufacturing performance has delivered profitability ahead of
forecast.
In Continental Europe, sales growth and effective management of
mix have successfully mitigated anticipated foreign exchange
transaction headwinds.
Trading in the second half of the year in Australia has resulted
in significantly enhanced overall total profitability.
In the USA, the commercial, operational and financial
performance of our business has been extremely encouraging. This
has included the successful implementation of phase 2 of our
programme of fast payback investment in manufacturing. This
investment will accelerate and enhance our capability to profitably
grow our share in the world's single largest market.
Commenting on the year's performance, Paul Fineman, Group CEO,
said:
"It is especially pleasing that we can report profits growth
throughout all regions of the Group.
This is a particularly exciting stage of our development in
which we remain well positioned for organic growth and continue to
seek compelling acquisition opportunities. Our culture of
continuous improvement and our focus on creating commercially
successful designs and products delivers a winning combination for
our customers and trading partners.
We are delighted to be meeting our core objectives of growth in
underlying EPS and dividends whilst reducing average leverage all
ahead of schedule."
- Ends -
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
Georgina Goodhew
Tom Hufton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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