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IG Design sees annual earnings rising 20% amid boost in sales

By BFN News | 02:13 PM | Tuesday 22 January, 2019


Gift packaging and stationary company IG Design Group said it expected to grow its annual earnings by more than 20% amid a robust rise in year-to-date sales. Revenues for the nine months through December rose 36%, boosted by acquisitions, while like-for-like sales improved 9%. The integration of Impact Innovations, acquired in August 2018, was progressing ahead of expectation, and on schedule to deliver $5m of annual synergies by the end of the 2021 financial year. 'The board is pleased to confirm that the group's full year performance remains on track to deliver diluted earnings per share in line with current market expectations, with year-on-year growth expected to be in excess of 20%,' IG Design said. Average leverage for the full year was expected at below 1.3 times. The company said it had a strong committed order book and pipeline of contracts in negotiation, with a number already secured for the 2020 financial year. 'The performance of the group throughout this period has been strong with all regions growing both revenue and profit, underpinning significant year on year growth,' chief executive Paul Fineman said. 'The acquisition of Impact has delivered everything we expected with the integration ahead of schedule and planned synergies remain on track.' 'Continued delivery against our strategy means we confidently enter the 2020 financial year with good overall momentum, across our diversified group including further benefits from the integration of the Impact acquisition in the US.' At 2:13pm: (LON:IGR) IG Design share price was +6p at 595p Story provided by StockMarketWire.com

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