IG Design Group PLC Trading Update (5215J)
24 Agosto 2021 - 1:00AM
UK Regulatory
TIDMIGR
RNS Number : 5215J
IG Design Group PLC
24 August 2021
24 August 2021
IG Design Group plc
("Design Group", the "Company" or the "Group")
Trading Update
Strong revenue growth but challenging cost headwinds
IG Design Group plc, one of the world's leading designers,
innovators and manufacturers of celebrations, craft, gifting,
stationery and creative play products, today issues a trading
update for the four months ended 31 July 2021.
The Group has had a good start to the new financial year with
like-for-like revenue for the period up 25% on the prior year and
up 10% on proforma revenues (including CSS prior to ownership) for
the four months to 31 July 2019. These results are driven by growth
across both the Americas and International divisions reflecting the
ongoing success of the Group's 'Working with the Winners'
strategy.
The business is experiencing challenging cost headwinds,
particularly in relation to sea freight, as well as regional
operational disruption relating to the ongoing impact of Covid -19
restrictions on the logistics functions within the Company's global
supply chain. Nevertheless, as a result of the strong sales
momentum and work across the Group to mitigate the impact of the
cost pressures earnings to date have been in line with
expectations.
Looking forward the Group's orderbook for the year continues to
be ahead of prior year, underpinning a full year sales outlook
ahead of expectations, and as a result the full year forecast
earnings remain in line with current market expectations, albeit
with the ongoing issues associated with the current supply chain
and Covid-19 related challenges.
At 31 July 2021 the Group had net debt of $5 million (31(st)
July 2020: net debt $29 million) reflecting the strong cash
generation in the prior year and ongoing robust cash management in
the current year.
Paul Fineman, Group CEO, commented:
"Working with the world's winning retailers and e-tailers has
helped deliver our double-digit revenue growth for the year to date
and underpins our strong forward orderbook, as we navigate the
ongoing impact of Covid-19 across our supply chain.
Furthermore, while we remain focussed on meeting customer
requirements for the current year, we have confidence in our
mid-term outlook and continue to implement initiatives that support
the execution of our recently announced Growth Plan."
For further information, please contact:
IG Design Group plc Tel: 0152 588
7310
Paul Fineman, Chief Executive Officer
Giles Willits, Chief Financial Officer
Canaccord Genuity Limited (Nominated Adviser Tel: 0207 523
and Broker) 8000
Bobbie Hilliam, NOMAD
Alex Aylen, Sales
Alma PR Tel: 0203 405
0205
Susie Hudson
Sam Modlin
About IG Design Group plc
IG Design Group plc, the largest consumer gift packaging
business in the world, is a designer, innovator and manufacturer of
products that help people celebrate life's special occasions.
Design Group works with more than 11,000 customers in over 80
countries throughout the UK, Europe, Australia and the USA.
Its products are found in over 210,000 retail outlets, including
several of the world's biggest retailers, for example Walmart,
Target, Amazon, Costco, Lidl and Aldi. Its brand, Tom Smith, also
holds the Royal Warrant for the supply of Christmas crackers and
Christmas wrapping paper to the Royal family. Design Group is a
diverse business operating across multiple regions, categories,
seasons and brands.
Its five major product categories are: Celebrations, Gifting,
Craft & creative play, Stationery and 'Not-for-resale'
consumables. It offers customers a full end-to-end service from
design through to distribution, offering both branded and bespoke
products from the value-focused through to the higher-margin ends
of the market.
The Company was admitted to the Alternative Investment Market of
the London Stock Exchange in 1995 under the name 'International
Greetings plc' and rebranded to IG Design Group plc in 2016. For
further information please visit www.thedesigngroup.com.
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END
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