REG - IG Design Group PLC - Trading Update

IG DesignAnnouncement

17/10/2019 07:05

RNS Number : 1961Q
IG Design Group PLC
17 October 2019
 


17 October 2019
 
IG Design Group PLC
(the "Company", the "Group" or "Design Group")
 
Trading Update
Strong first half performance delivering double digit growth
 
IG Design Group plc, one of the world's leading designers, innovators and manufacturers of gift packaging, greetings, stationery, creative play products and giftware, announces a trading update for the first half of the financial year, which covers the six month period to 30 September 2019.
 
The Group is pleased to report a strong performance over the period; on track to meet full year market expectations, with the business delivering double digit year on year growth in revenue and operating profit. The Group continues to deliver strong cash generation and as a result we expect year end average leverage1 to show further improvement against the prior year, reaching around 1.1x.
 
As the Company begins the second half of the year it continues to benefit from a strong order book together with major commercial and operational initiatives and investments throughout the Group, which will support the growth going into FY21.
 
Commenting on the performance, Paul Fineman, Group CEO, said:
 
'We are delighted with a strong start to the year and the continued momentum across the business, illustrated by the high level of orders going into the second half. Our robust financial performance is underpinned by the investments made in the business and the operational initiatives undertaken to increase efficiencies.
 
Our organic growth initiatives throughout the business position us well for FY21 and beyond. These together with an active pipeline of acquisition opportunities throughout all regions provides an exciting outlook for the future."
 
The Group will announce its interim results on 26th November 2019.
 
 
1 - Average Leverage is calculated as the 12 month average debt divided by Adjusted EBITDA. Adjusted EBITDA for the purpose of the average leverage calculation is based on a pre-IFRS 16 basis.
 
This announcement contains inside information
 
- Ends -
For further information, please contact:



IG Design Group plc                                 
Paul Fineman, Chief Executive
Giles Willits, Chief Financial Officer
 


Tel: 0152 588 7310




Canaccord Genuity Limited (NOMAD and Broker)
Bobbie Hilliam - NOMAD
Alex Aylen - Sales
 


Tel: 020 7523 8000




Alma PR                                                          
Rebecca Sanders-Hewett                                  
Susie Hudson
Sam Modlin
 


Tel: 020 3405 0205
designgroup@almapr.co.uk
 



 




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