Intnl Greetings PLC - Interim Results
January 28 1999 - 2:32AM
UK Regulatory
RNS No 7597c
INTERNATIONAL GREETINGS PLC
28th January 1999
EPS UP 19%
INTERIM DIVIDEND UP 15%
CHRISTMAS TRADING IN LINE WITH EXPECTATIONS
International Greetings PLC (IG) today announces interim
results for the six months ended 30 September 1998, showing
pre-tax profit up 16% to #2.07 million, (1997: pre-tax profit
#1.79 million) and interim dividend up 15% at 3.0 pence (1997:
2.6 pence).
IG is one of the world's leading designers and manufacturers
of gift wrapping paper, gift accessories, greeting cards and
crackers and is the UK's leading supplier of private label
greetings products to major multiples including Woolworths,
Tesco and Boots. Through the July acquisition of Copywrite, it
is now also one of the main suppliers of children's character
stationery products in Europe.
Highlights for the period include:
* Pre-tax profit up 16% to #2.07m (1997: #1.79m)
* EPS up 19% to 10.6 pence (1997: 8.9 pence)
* 1998 Christmas retail sales in line with expectations
* Early indicators for Christmas 1999 are positive
* Confident for full year to 31 March 1999 results
Commenting on today's results, the Chairman, John Elfed Jones,
said:
"I am pleased to report that your Company has again achieved
an impressive set of results for the six months to 30
September 1998. Total turnover was up 29%, with turnover
excluding acquisitions up 18%. Profit before taxation was up
16% at #2.1m, with earnings per share increasing by 19% to
10.6p.
"Both acquisitions completed during the period have now been
integrated into the group's operations and have performed in
line with our expectations. The Cracker Company, purchased in
May 1998, has been fully merged within the group's existing
Christmas cracker operations. The Copywrite business,
purchased in July 1998, has been established as a new
operating division within the group, under a newly appointed
managing director who has had extensive experience in all
areas of the gift stationery business. Additionally, steps
have been taken to utilise the existing Copywrite overseas
distribution network as a means of developing export markets
for other group products.
"Following the trend of recent years, the peak pre-Christmas
trading period of our retail customers occurred later than
previously. Notwithstanding the mixed views coming from the
retail sector, I am pleased to report that sales of our
products, which are primarily low ticket items, were generally
in accordance with expectations. As a result we look forward
to the results for the full year to 31 March 1999 with
confidence.
"Our strategy of developing partnerships with key retailers
continues to be successful and early indications from
discussions with our customers in relation to the 1999
Christmas season are positive. Reflecting the good
performance for the past six months of the year and our
confidence in the outlook for the full year and for 1999, your
Board recommends an increased interim dividend up 15% to 3p
net per share."
The dividend will be paid on 26 February 1999, to all
shareholders on the register on 12 February 1999.
For further information, please contact:
International Greetings PLC
Nick Fisher, Joint Chief Executive 01727 844 888
Mark Collini, Finance Director
Grandfield
Clare Abbot 0171 417 4170
Christian Judge
Group Profit & Loss Account
Unaudited 6 Unaudited 6 Audited year
months to 30 months to 30 ended 31
September September March 1998
1998 1997
#000 #000 #000
Turnover
Continuing 24,819 21,116 53,496
Acquisitions 2,400 - -
------ ------ ------
27,219 21,116 53,496
------ ------ ------
Operating profit
Continuing 2,768 2,282 7,636
Acquisitions 68 - -
2,836 2,282 7,636
------ ------ ------
Net interest payable (768) (491) (1,014)
------ ------ ------
Profit before taxation 2,068 1,791 6,622
Taxation (658) (582) (2,149)
------ ------ ------
Profit after taxation 1,410 1,209 4,473
Minority interests - (36) (27)
Dividend (405) (343) (1,135)
------ ------ ------
Retained profit 1,005 830 3,311
------ ------ ------
Earnings per share 10.6p 8.9p 33.7p
Fully diluted
earnings per share 10.4p 8.7p 32.8p*
Dividend per ordinary share 3.0p 2.6p 8.6p
------ ------ ------
Notes:
1. The figures for the year ended 31 March 1998 are an
abridged version of the published accounts, which have been
reported on without qualification by the auditors and have
been delivered to the Registrar of Companies.
2. The calculation of earnings per share is based on
13,310,695 (6 months to 30 September 1997:13,198,500, 12
months to 31 March 1998: 13,198,969) ordinary shares being the
average number of shares in issue during the period. The
calculation of fully diluted earnings per share is based on
13,621,230 (6 months to 30 September 1997: 13,559,275, 12
months to 31 March 1998: 13,575,562*) ordinary shares
calculated in accordance with FRS 14.
3. The taxation charge for the six months ended 30 September
1998 is based on the estimated tax rate for the full year.
* The fully diluted earnings per share and weighted average
number of shares for the year ended 31 March 1998 have
been recalculated in accordance with FRS 14.
END
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