Preliminary Results

International Greetings PLC
13 July 2000


        Profit up 22*% at International Greetings
           Strong performance from US division
         Chicken Run Added to Licence Portfolio
                            
International Greetings PLC, the leading manufacturer  of
gift  wrapping  paper, gift accessories, cards,  crackers
and  licensed stationery, today reported a strong set  of
results for the year ended 31 March 2000, showing pre tax
profit up 22% at £9.5*m compared with £7.8m last year.

The  Board  is  recommending a final  dividend  of  2.9p,
payable  on  September  8  2000 to  shareholders  on  the
register at the close of business on August 18 2000.  The
total  dividend for the year rose to 4p, an  increase  of
20% over last year.

Highlights of the year's performance include:

*  *Pre-tax profits up 22% at £9.5million (1999:  £7.8
    million)
*  *Earnings per share up 22% at 16.5p (1999: 13.5p)
*   Final  dividend per share up 24% at  2.9p  (1999:
    2.3p)
*   Continued strong performance in the US
*   Gearing reduced from 81% to 24%
*   New company funded employee share scheme


* Figures pre net exceptional items of £97,000

Nick  Fisher,  Joint  Chief Executive,  said:    'We  are
delighted with these results and with the performance  of
all  our  divisions,  in particular  our  US  operations.
Having acquired our principal competitor in the States we
are  now  in  a  position to achieve  significant  future
growth in this important market.

'Since  acquiring  Copywrite,  licensed  properties  have
become  an  important  part of our strategy  and  we  are
delighted to have added Chicken Run to our portfolio.

'Our   Christmas  order  book  is  well  in   line   with
expectations    and,   with   potential    for    further
acquisitions, we remain confident in the outlook for  the
future.'

For further information:

International  Greetings               01707  630 630
Nick Fisher, Joint Chief Executive

Grandfield                             020 7417 4170
Michael Henman/Nick Astaire

CHAIRMAN'S STATEMENT

These  results reflect the high quality of your  business
and continue the impressive growth record and performance
of previous years.

I  am particularly pleased to report on the progress made
in  the  US  where  we saw a significant  improvement  in
turnover  and  operating profit more than  doubling.  The
acquisition in May this year of the assets and  trade  of
The  Stephen Lawrence Company, based in New Jersey,  will
represent  a  further boost to the  US  business  in  the
coming   years.   Stephen  Lawrence  was  our   principal
competitor  in the US and has been the market  leader  in
the  premium quality gift wrap and accessories market for
much  of  its 40 year history. The US product  range  was
also extended by the acquisition in January of Pepperpot,
a  gift stationery business which in combination with the
Stephen   Lawrence  acquisition  further   enhances   the
benefits of the Pepperpot business in the US. In the  UK,
progress   at   Copywrite   continues   in   line    with
expectations.  In  our  interim results  announcement,  I
stated  our  intention to close its Manchester production
facility in March. This has now been completed within our
planned  timescale and budget, and the benefits  of  this
exercise are now beginning to be reflected in Copywrite's
trading performance.

I have always stressed that the continuing success of our
business  has only been possible through the  hard  work,
dedication  and  loyalty  of  our  employees,  and   this
continues  to  be the case. In recognition of  this,  the
Board  wishes  to  introduce a  new  all  employee  share
incentive  scheme under which up to 1.5% of the company's
net  profit  before tax is to be set aside each  year  to
fund  the  acquisition of shares in the  company  by  the
existing employee benefit trust. It is proposed that  the
trust  will be authorised to distribute these  shares  to
all  qualifying employees on an equal basis,  subject  to
the  rules  of  the employee benefit trust. A  resolution
will  be  proposed  at  the  forthcoming  Annual  General
Meeting to approve this plan. Once implemented, this will
help  to  ensure that all employees have a stake  in  the
future success of the business.

OUTLOOK

With  the seasonal order book for Christmas 2000 in  line
with  expectations,  prospects for  the  Group's  current
business  are  excellent.  As  in  previous  years,   the
combination of organic growth supplemented by a selective
acquisition   policy  gives  the  Board   confidence   of
continuing success for the future.

Reflecting  this confidence, the Board is recommending  a
final dividend of 2.9p per share, making a total for  the
year  of  4p,  an  increase of 20% over last  year.  This
dividend will be paid on 8 September 2000 to shareholders
on  the  register at the close of business on  18  August
2000.


John Elfed Jones CBE DL
Chairman


REVIEW OF OPERATIONS

Throughout the Group's operating divisions, our  strategy
is  focused  on  the  retailer and  their  customer,  the
consumer.   By   tailoring   product   ranges   to    the
specifications  of  individual  retailers,  we  help   to
establish  consumer  loyalty,  thereby  contributing   to
growth  in the retailer's market share. Consistent growth
in  the  Group's  turnover  and profits  demonstrate  the
effectiveness of this continuing strategy.

UNITED KINGDOM

OVERVIEW
The  programme  of upgrading and enhancing  manufacturing
facilities  continues  across  all  divisions.   Improved
production processes, sourcing of new materials  and  the
creation   of  innovative  design  concepts   ensure   we
consistently provide fresh and unique products within our
sectors.  The  investment made last year in printing  and
finishing  equipment  in  the card  division  has  proved
particularly successful, with this division's  sales  and
profitability significantly improved over previous years.

Investments   in   production  and   design   have   been
complemented   by  similar  investment   in   information
technology.   During  the  year  we   have   successfully
implemented new management and financial systems  in  the
greetings  card  and  cracker divisions.  These  upgraded
systems will improve efficiency and enhance supply  chain
management  leading to increased customer service  levels
and therefore profitability.

For the first time, this year's results include a full 12
months   contribution   from   Copywrite   which    shows
profitability moving towards the levels prevailing in the
rest   of  the  Group  (see  Finance  Review).  We   have
successfully achieved the shift from in-house  production
at  Manchester to sourcing from outside suppliers without
affecting customer service, and we look forward to seeing
the  benefits  flowing from this change in future  years'
performance.

The acquisition of Pepperpot, a gift stationery business,
has  been  absorbed  into the day to  day  operations  of
Copywrite.   We   have  appointed   a   product   manager
responsible for creating new ranges for both the  UK  and
US  markets, and are pleased to report that the potential
in  both markets for Pepperpot products has exceeded  our
original  expectations.  Due to our  strong  relationship
with  Disney Consumer Products, we have been licensed  to
market  additional gift and stationery  categories  which
now  firmly establishes Copywrite as a one stop  supplier
of licensed stationery and gift items for the children's,
adult and collectable markets.

DESIGN
In order to maintain our position as market leader within
the sector, our creative teams actively research consumer
preferences in terms of colour, product and packaging. We
work  within  a global market and therefore attend  trade
shows  in  the  United Kingdom, Continental  Europe,  the
United  States and the Far East in order to keep  abreast
of  market  developments and trends in design.  With  the
benefit of employing creative teams on both sides of  the
Atlantic,  we  are  in a position to be  the  true  world
leader  in  design in our marketplace. Winning the  'Best
Christmas  Card  Box'  at the annual  Greetings  Industry
Awards  in  November  last year is  one  example  of  our
acknowledged design capability.

LICENSING
Our  licensing strategy is to develop a portfolio of  the
most  popular  mass  market licensed properties,  and  to
maximise  licence  opportunities  by  working  in   close
partnership  with  both  licensors  and  our  key  retail
customers. This approach ensures that we are in a  better
position to match production levels with consumer demand.

In addition to existing licence agreements for all Disney
characters, Barbie, Action Man and a number of other well
known  characters  we have recently signed  an  exclusive
agreement  for our product categories in Europe  for  the
new  Aardman  animation film 'Chicken Run'. This  is  the
first animated feature film by the creator of Wallace and
Gromit and we are confident that this will be a long term
merchandising success.

OVERSEAS
The  profile of our overseas operations has been steadily
increasing in significance over recent years. To  reflect
this,  we  appointed  Martin  Hornung  to  the  Board  of
directors in March 2000 as Executive Director responsible
for   the   development  of  the  Group's   international
activities.  During  the  past nine  years  as  a  senior
executive, Martin has built up an extensive knowledge  of
all  aspects  of International Greetings  which  will  be
invaluable  in  the  support  of  our  US  and  Far  East
operations.

The   excellent  performance  of  the  US  division   was
highlighted  in  the  Chairman's  statement,  with   both
turnover and profit considerably improved during the past
year.  The  confidence expressed in  last  year's  annual
report  has been well justified by these results  and  we
remain  confident  of  our  continuing  success  in  this
market.

The   recent   purchase   of  Stephen   Lawrence   firmly
establishes our position as the leading premium gift wrap
company in the US market. We intend to retain a sales and
design  presence at Stephen Lawrence's previous  base  in
New   Jersey,   but   to  transfer  production   to   our
manufacturing  facility in Georgia to take  advantage  of
economies of scale and overhead reduction.

In response to the growth in materials being sourced from
the   Far  East,  we  have  established  a  new  company,
International Greetings Asia Ltd. in Hong  Kong.  One  of
our  existing  executives (with ten years  experience  in
purchasing and manufacturing) has relocated to Hong  Kong
in  order  to  manage  the day  to  day  aspects  of  the
operation. We see this as a strategic development of long
term importance for the Group.

INVESTORS IN PEOPLE
We  were  delighted  that during  the  year  we  achieved
Investors in People accreditation for our gift  wrap  and
cracker divisions in South Wales - more than 50%  of  our
900  employees are now working under Investors in  People
standards  and  it  is  our  intention  that  all   other
divisions will be accredited in due course.

CONCLUSION
We  will  continue with our customer and consumer focused
strategy,  enhancing our existing businesses  organically
and  by pursuing acquisitions that meet our predetermined
criteria. This year's results are a testament to  success
in  delivering this strategy and we are confident of even
greater success in future years.


Anders Hedlund                      Nick Fisher
Joint Chief Executive               Joint Chief Executive


FINANCE REVIEW

* Turnover    - £85.5m up 18%
* Operating profit* - £10.8m up 15%
* Shareholders' funds - £22.8m up 28%

Turnover for the year to 31 March 2000 increased  by  18%
to £85.5m (1999: £72.2), with operating profit* up by 15%
to £10.8m (1999: £9.4m). Exceptional gains on the sale of
our  head  office in Hatfield and land and  buildings  in
Boston, USA of £0.4m were offset by the exceptional  cost
of  closure of Copywrite's Manchester facility  amounting
to £0.5m, to give net exceptional costs of £0.1m.

The  overall  operating  profit margin*  showed  a  small
decrease  from  13.1%  to  12.6%,  but  this  was  almost
entirely  due  to  the inclusion of a full  twelve  month
period  for  Copywrite  for the  first  time  this  year,
compared  with an eight month trading period included  in
last  year's figures. Nonetheless, the operating  margin*
at  Copywrite  improved from 3.5% to 5.1%  and  with  the
closure   of   the  uneconomic  production  facility   at
Manchester,   we  expect  a  continuing  improvement   in
operating margins.

Interest  payable decreased from £1.6m  to  £1.3m,  as  a
consequence of a combination of improved working  capital
management and fixed asset disposals.

Profit before taxation* rose to £9.5m, an increase of 22%
and  represents a pre-tax margin of 11.2%, up from  10.9%
last year.

EARNINGS PER SHARE AND DIVIDEND
Basic earnings per share for the year ended 31 March 2000
were  16.3p.  Excluding exceptional items,  earnings  per
share  were 16.5p, an increase of 22%. The final dividend
of  2.9p (1999: 2.3p) makes a total dividend for the year
of  4p  (1999: 3.3p). The total dividend is covered  four
times  by  the  earnings  per share,  and  represents  an
increase of 20% over last year.

BALANCE SHEET AND CASHFLOW
The  Group's  financial  position  improved  considerably
during the year. Shareholders' funds increased by £5m  to
£22.8m  and  debt at 31 March 2000 was £5.5m,  down  from
£14.5m last year. Tight working capital management and in
particular  reduced  levels of inventory,  together  with
fixed assets disposals resulted in this major improvement
which saw gearing reduced from 81% last year to 24% at 31
March 2000.

Interest cover also strengthened significantly during the
year,  with operating profits excluding exceptional items
covering  the  interest expense 8.5 times,  up  from  6.0
times last year.

* figures before exceptional items

TREASURY OPERATIONS
The  Board  continues  to assess  and  manage  the  risks
associated  with the treasury functions as  the  business
develops. Whilst the Copywrite business is less  seasonal
than  the rest of the Group, overall the Group's business
still retains a strong seasonal element which results  in
large  variations  in working capital  requirement.  Long
term   restriction  of  the  exposure  to  interest  rate
fluctuations on working capital funding is not considered
economically  viable. However, where opportunities  exist
for  the short term, fixing at attractive rates primarily
through   the  use  of  acceptance  credits,  these   are
considered.


Mark Collini
Finance Director


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2000

                 Note       Pre-  Exceptional     2000    1999
                     exceptional        items    Total    £000
                           Items         £000     £000
                            £000
Turnover            2     85,542           -    85,542   72,151
Cost of sales            (58,458)          -   (58,458) (48,877)
Gross profit              27,084           -    27,084   23,274
                       
Distribution              (6,040)          -    (6,040)  (5,055)
expenses                                                   
Administrative           (10,228)       (528)  (10,756)  (8,803)
expenses                                           
Operating profit          10,816        (528)   10,288    9,416
Profit on                                               
disposal of                    -         431       431      -   
fixed assets                                   
Interest payable                                            
and similar               (1,278)          -    (1,278)  (1,581)
charges                                                    
Profit on ordinary                                 
activities before   2    9,538          (97)     9,441    7,835
taxation
Tax on profit on    3                           (2,833)  (2,414)
ordinary                                                   
activities
Profit for the                                          
financial year                                   6,608    5,421
Dividends - equity  4                           (1,625)  (1,372)
Retained profit                                         
for the financial                                4,983    4,049
year
                                                            
Earnings per        5                                       
share                                                  
Basic                                         16.3        13.5*
Diluted                                       15.8        13.3*

*    Figures adjusted to reflect bonus issue made in
     September 1999.



CONSOLIDATED BALANCE SHEET
at 31 March 2000
                             2000    2000       1999     1999
                             £000    £000       £000     £000
Fixed assets                                                 
Intangible assets -                                    
goodwill                    1,417              1,574 
Tangible assets            16,233             19,343         
                                                       
                                   17,650              20,917
Current assets                                               
Stocks                     14,458             15,687         
Debtors                    15,205             14,265         
Cash at bank and in hand       -                  -
                           29,663             29,952         
                               
Creditors: amounts                                           
falling due within one                
year                      (21,181)           (29,910)
Net current assets                  8,482                   42
Total assets less current          26,132               20,959
liabilities
Creditors: amounts falling                                    
due after more than one                                
year                               (1,709)              (1,878)
                                  
Provisions for liabilities                                    
and charges                          (687)                (685)
                                    
Deferred income                      (889)                (552)
Net assets                         22,847               17,844
                                                              
Capital and reserves
Called up share capital             2,032                 677
Share premium account                 557               1,909
Other reserves                      1,306               1,289
Profit and loss account            18,952              13,969
Equity shareholders' funds         22,847              17,844

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2000

                                        2000             1999
                                        £000             £000
Net cash inflow from operating                 
activities                             14,627           8,071
Returns on investments and servicing   (1,364)        (1,522)
of finance                                  
Taxation                               (3,237)        (2,157)
                                            
Capital expenditure                       273         (7,275)
                                        
Acquisitions and disposals              (375)         (4,111)
Equity dividends paid                 (1,395)         (1,216)
                                            
Cash inflow/(outflow) before          8,529           (8,210)
financing                              
Financing                               160              158
Increase/(decrease) in cash           8,689           (8,052)
                                      


NOTES

1.   BASIS OF INFORMATION

The   financial  information  set  out  above  does   not
constitute the company's statutory accounts for the years
ended 31 March 2000 or 1999.  Statutory accounts for 1999
have  been  delivered to the registrar of companies,  and
those  for 2000 will be delivered following the company's
annual  general meeting.  The auditors have  reported  on
those  accounts; their reports were unqualified  and  did
not  contain statements under section 237 (2) or  (3)  of
the Companies Act 1985.

This  statement  has been prepared on the  basis  of  the
accounting  policies  as set out in  the  Group's  Annual
Report for the year ended 31 March 1999.

2 SEGMENTAL ANALYSIS
                     UK and Europe     USA         Group
                      2000   1999  2000  1999   2000   1999
                      £000   £000  £000  £000   £000   £000
Turnover            73,939 63,347 11,603 8,804 85,542 72,151

Operating profit     9,412  8,826  1,404  590  10,816  9,416
before                                         
exceptional items
Exceptional items    (157)      -    60     -    (97)     -
Operating profit     9,255  8,826 1,464   590  10,719  9,416
after exceptional                                 
items
Net interest                                  (1,278) (1,581)
Profit on                                                  
ordinary                                       9,441   7,835
activities before                                  
taxation
Net assets          19,404 15,566 3,443 2,278 22,847  17,844
 
There is no material difference between turnover by
origin, as shown above, and turnover by destination. The
above results relate entirely to continuing operations.

3.   TAXATION
                                         2000        1999
                                         £000        £000
UK Corporation Tax                      2,129       2,312
Deferred Taxation                          80          32
Overseas Taxation   - current             630         113
                    - deferred            (78)        (28)
Adjustments relating to an                                
earlier year:                              43          (2)
     UK Corporation Tax
     Overseas taxation                     29         (13)
                                        2,833       2,414


4.   DIVIDENDS
                                          2000       1999
                                          £000       £000
Interim paid - 1.1 per share               447        424
(1999: 1.0p*)
Final proposed - 2.9p per share          1,178        948
(1999: 2.3p*)
                                         1,625      1,372

5.   EARNINGS PER SHARE
                                          2000       1999
Earnings per share                       16.3p       13.5p*
Diluted earnings per share               15.8p       13.3p*

The basic earnings per share is based on earnings of
£6,608,000 (1999: £5,421, 000) and the weighted average
number of ordinary shares in issue of 40,631,341 (1999:
40,255,335*).  The calculation of diluted earnings is based
on 41,766,923 (1999: 40,872,465*) ordinary shares.  The
difference of 1,135,582 (1999: 617,130*) represents the
dilutive effect of outstanding employee share options which
has been calculated in accordance with FRS 14.



* Figures adjusted to reflect bonus share issue made in
  September 1999.