Trading Update

RNS Number : 7462C

International Greetings PLC

20 October 2015

 

20 October 2015

International Greetings PLC

("International Greetings" or the "Group")

Trading Update

International Greetings PLC ("International Greetings" or the "Group"), one of the world's leading designers, innovators and manufacturers of gift packaging and greetings, social expression giftware, stationery and creative play products, is pleased to provide an update on trading for the six month period to 30 September 2015. The Board is pleased to confirm trading for the six month period to 30 September 2015 is in line with expectations.

·           Sales revenue in the year to date, together with a solid order book underpins our expectations for full year revenue.

·           Excellent service levels have been achieved during the period with shipping in the US in particular ahead of historical seasonal trends, reflecting the commercial initiatives highlighted in our August trading update.

·           In the UK, we are on track to deliver the expected annual efficiencies, resulting from recent investment in our manufacturing operations.

·           In Europe and Australia, our businesses have combatted weak Euro and Australian Dollar exchange rates to deliver to expectations during the period.

·           Our seasonal working capital build in the run up to Christmas has recurred in line with expectations.  However, we anticipate reporting H1 net debt significantly lower than at the same period last year.

The Group will publish its Interim Results for the six months ended 30 September 2015 on 2 December 2015.

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For further information please contact:

International Greetings plc                                                      Tel: [phone]

Paul Fineman, Group CEO        

Anthony Lawrinson, Group CFO

Cenkos Securities plc                                                              Tel: [phone]

Bobbie Hilliam

FTI Consulting                                                                         Tel: [phone]

Jonathon Brill

Tom Hufton

 

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