Intnl Greetings PLC - Interim Results
26 Gennaio 1998 - 8:30AM
UK Regulatory
RNS No 0937u
INTERNATIONAL GREETINGS PLC
26th January 1998
PRE-EXCEPTIONAL, PRE-TAX PROFIT UP 17%
INTERIM DIVIDEND UP 20%
International Greetings PLC (IG) today announces interim
results for the six months ended 30 September 1997,
showing comparable pre-exceptional, pre-tax profit up 17%
to #1.79 million, (1996: #1.53 million), earnings per
share up 33% to 8.9 pence (1996: 6.7p) and interim
dividends up 20% at 2.6 pence (1996: 2.17p)
The principal activities of the company are the design
and manufacture of gift wrapping paper, greeting cards,
crackers and other decorative accessories. IG is a major
supplier of private label greetings products to leading
UK multiples including Woolworths, Tesco and Boots.
Highlights for the period include:
* Pre-exceptional, pre-tax profit up 17% to
#1.79 million (1996: #1.53 million)
* Pre-exceptional EPS up 33% to 8.9 pence (1996: 6.7p)
* Dividend per share for the period up 20% to 2.6
pence (1996: 2.17p)
* 1997 AIM Company of the Year
* 1997 investment programme complete - 8 colour
gravure press commissioned in Wales
* Plans for near doubling of US plant size approved
* Strong Christmas 1997 sales experienced by the
majority of customers
* Projections for Christmas 1998 good
* Confident for full year results
Commenting on today's results, IG's Chairman John Elfed
Jones said:
'I am pleased to report that, for the six months to 30
September 1997, the Group has once again achieved a most
impressive set of results. On a comparable, pre-exceptional basis,
profit before taxation has increased
by 17% to #1.79m, with earnings per share increasing by
33% to 8.9p. Our continued drive for improvement in
operating margins, up from 10% to 10.8%, coupled with a
13% increase in turnover, have resulted in these
excellent figures.'
'Having been listed on AIM for just over two years, we
were delighted and honoured in October to win the
accolade of "AIM Company of the Year" at the 1997 AIM
Awards Ceremony. This public recognition for the hard
work and determination of our employees over the past 18
years confirmed International Greetings as a "well-managed,
responsible, fully accountable, dynamic business
with a solid performance to date and strong growth
prospects.'
'Our 1997 investment programme was completed with the
final commissioning of our additional eight colour
gravure printing press in Wales. In addition to providing
sufficient production capacity to fulfill our expansion
requirements in the UK, it also assists our aggressive
development plans for the US marketplace. The board has
also authorised the building of an 80,000 sq ft extension
to the US facility, thereby almost doubling its size,
which should be completed in time for the 1998 peak
season. Once again, the Company's excellent relationship
with the Local Development Authority in Georgia has
allowed us to develop swiftly and economically in this
substantial marketplace.'
'The majority of our customers experienced strong sales
growth for the 1997 Christmas season and we therefore
view the results for the full year to 31 March 1998 with
confidence. Early discussions with our customers also
augur well for the 1998 Christmas season. Accordingly,
the Board recommends an increased interim dividend up 20%
to 2.6p net per share.'
The interim dividend will be paid on 16 February 1998 to
shareholders on the register at 6 February 1998.
For further information contact:
International Greetings PLC
Nick Fisher, Joint Chief Executive
Mark Collini, Finance Director 01727 844 888
Grandfield
Michael Henman
Christian Judge 0171 417 4170
Group Profit and Loss Account
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
1997 1996 1997
#000 #000 #000
Turnover 21,116 18,739 48,431
======== ======== ========
Operating Profit 2,282 1,885 5,820
Exceptional surplus
on disposal of
fixed assets - 733 742
Net interest
payable (491) (359) (686)
-------- -------- --------
Profit before
taxation 1,791 2,259 5,876
Taxation (582) (666) (1,726)
-------- -------- --------
Profit after
taxation 1,209 1,593 4,150
Minority Interests (36) (21) (17)
Dividend
- equity (343) (272) (866)
- non-equity - (135) (135)
-------- -------- --------
Retained Profit 830 1,165 3,132
======== ======== ========
Earnings per
share* 8.9p 11.4p 31.7p
Earnings per
share excluding
exception items* 8.9p 6.7p 26.0p
Dividend per
ordinary share* 2.6p 2.17p 6.67p
======== ======== ========
* Dividends and earnings per share for the periods ended
30 September 1997 and 31 March 1997 have been adjusted
to reflect the bonus issue of ordinary shares made on
28 February 1997.
Notes:
1) The figures for the year ended 31 March 1997 are an
abridged version of the published accounts, which
have been reported on without qualification by the
auditors and have been delivered to the Registrar of
Companies.
2) The calculation of earnings per share is based on
13,198,500 (6 months to 30 September 1996:
12,570,000*, 12 months to 31 March 1997: 12,622,375*)
ordinary shares being the number of shares in issue
during the period.
3) The taxation charge for the 6 months ended 30
September 1997 is based on the estimated tax rate
for the full year.
Copies of this announcement are available from
International Greetings PLC, Belgrave House, Acrewood
Way, St Albans, AL4 0JY until Monday, 9 February 1998.
END
IR ALLIDLVIVFAT
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