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IG Design margins improve with record European performance
Giftware firm IG Design improved both gross and net margins in its most recent trading year, leading the group to project a full year of "overall progress and financial performance" as it had expected.
IG Design's trading accelerated in the second half of the year, with all regions delivering strong revenue growth and increased profits after effectively mitigated previously flagged cost headwinds.
In the USA, IG Design saw a significant overall growth in profits across its trading year ended 31 March, driven by increased revenues and margins as a result of improvements in the mix of its product categories and customer channels.
In Australia, organic sales and profits advanced on the back of growth from existing and new customers and channels, as well as its acquisition of Biscay Greetings in January, while in the UK, IG was boosted by the unification of its three businesses under one leadership team.
Lastly, in Continental Europe, IG turned in a record overall performance due to stronger sales and improved efficiencies, such as its new high-speed printing press which further enhanced both capability and capacity within the group's Celebrations business.
Chief executive Paul Fineman said, "We are delighted with our performance in FY18 and that we have such positive momentum across all areas of our group."
"It is particularly pleasing to have achieved significant bottom line growth whilst also investing in the group. This achievement is testament to the global nature of our business and the extent to which we have diversified and de-risked the group," Fineman added.
As of 1020 BST, shares had declined 3.93% to 414.08p.