REG - IG Design Group PLC - Trading Update

IG DesignAnnouncement

04/03/2020 07:00

RNS Number : 9166E
  
IG Design Group PLC
  
04 March 2020
  
 

4 March 2020
IG Design Group PLC
(the "Company", the "Group" or "Design Group")
 
Trading Update
 
IG Design Group plc, one of the world's leading designers, innovators and manufacturers of celebrations, gifting, stationery and creative play products, is pleased to announce that following its seasonal trading period and the successful completion of the CSS acquisition, the Board anticipates the financial performance of the enlarged Group will be in line with market expectations. 
 
The Group is closely monitoring the developments regarding COVID-19 and its potential impact on the business. With the current known scale of the outbreak, it is not expected that there will be a material impact to the Group's current forecasts. The Group's factory in China is operating, with production volumes expected to increase over the coming weeks. We continue to work with our suppliers in China to ensure deliveries of our customers' orders are managed through this period, including as necessary, mitigating strategies such as alternative sourcing arrangements and using existing inventory reserves.
 
Commenting on the performance, Paul Fineman, Group CEO, said:
 
''In what has been a particularly challenging year, we are pleased with the progress the business has made, and that we remain on target to deliver performance in line with expectations. This is truly a testament to the hard work of all of our teams and the inherent agility that runs throughout our business.
 
We are also delighted that we have completed the CSS acquisition on schedule and can now commence the process of integrating the two businesses. We have already been working hard on integration planning and look forward to delivering on the significant opportunity ahead for the enlarged group."
 
 
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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TSTSSIFUDESSEFD