Manufacturer of celebrations, gifting and stationary products IG Design Group PLC (LON: IGR) posted significant progress in its fundamentals between the first and second halves of the financial year.
The Group’s revenue bounced 21% between the first and second half, up to £248.4 million. This led the Company’s adjusted operating profit to increase likewise by 21% to £23.6 million. Similarly, they narrowed their net debt from £100.0 billion to £86.2 million between the two halves, which allowed their average leverage to fall to 1.0 times, from 1.3 times for the 12 months to 30 September 2018.
IG Design shareholders also fared well, with their adjusted fully diluted EPS up 2% to 20.1p, and their interim dividend surging 20% to 3.0p.
Other positive updates on Tuesday came from Rockfire Resources PLC (LON: ROCK) reporting new gold discoveries, CRH PLC (LON: CRH) posted a strong third quarter and Pets at Home (LON:PETS) celebrated a productive first half.
IG Design comments
Paul Fineman, Group CEO, said,
“Our strong start to the year highlights the strength and agility of our business. Our initiatives and investments are bearing fruit and will drive further growth into the future.”
“Our long-established relationships with many of the world’s leading and ‘winning’ retailers provides a strong foundation for us to meet ambitious growth targets, both organically and through an active pipeline of acquisition opportunities, whilst maintaining prudent average leverage.”
“We remain focused on driving growth, maintaining our financial strength and continuing to deliver in line with expectations, whilst ensuring we continue to make the most of our many exciting future prospects.”
Investor notes
The Company’s shares dipped 1.23% or 8.00p to 640.00p per share 26/11/19 14:34 GMT. Analysts from Berenberg reiterated their ‘Buy’ stance on IG Design Group stock. Their p/e ratio is 40.50, their dividend yield stands at 1.33%.
