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IG Design sees better-than-expected performance in H1, but remains cautious on outlook
StockMarketWire.com
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Consumer gift packaging business IG Design said it expected to achieve higher first-half revenue and adjusted profit, but remained cautious on its full-year outlook amid the ongoing Covid-19 pandemic.
For the six month period to 30 September, the company expected to deliver a 40% rise in revenue to $435 million year-on-year.
Revenue was driven by better-than-expected performances across both of its divisions; Americas, which included its DG Americas and CSS segments, and international - previously UK, Europe and Australia.
Revenue, excluding CSS, was 8.3% reflecting the 'impact of Covid-19, particularly in the first quarter, with the second quarter showing a strong recovery,' the company said.
CSS revenues in the first half were marginally down year on year as a result of the impact of Covid-19 in the first quarter, however, second quarter sales ended up on the same period in the prior year, it added.
'The board note that performance in the first half of the financial year is ahead of management expectations but it remains cautious in relation to the full year outlook, particularly in the context of Covid-19,' IG Design said. At 8:00am: (LON:IGR) Ig Design Group PLC share price was +21.5p at 437.5p
Story provided by StockMarketWire.com
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