|
IG Design Group PLC - Bedfordshire, England-based designer and manufacturer of celebration products, including greeting cards, gift wrap, Christmas crackers, gift bags, and partyware - Confirms that revenue fell by 11% on year in the six months that ended September 30, sending adjusted profit down by 62%. The half-year result is in line with the outlook the company provided prior to its annual general meeting in September. At the time, IG Design said revenue will be down about 5% in all of financial 2025. On Tuesday, it says this remains the case, as it expects business to improve in the second half. Profit recovery will be driven by business simplification, efficiency and cost-saving initiatives, IG Design says. It expects a profit in the second half, compared to a loss a year before, and a return to pre-pandemic operating margins of at least 4.5% by the end of financial 2025 in March. Net cash on September 30 is $7.4 million, amid strong cash generation, IG Design says. IG Design will publish its full half-year results on November 26. Current stock price: 135.00 pence, up 6.7% in London on Tuesday morning 12-month change: up 0.8% Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
