IG Design shares (LON: IGR) have surged over 13% on Monday as the group said its interim performance was ahead of expectations.
In a trading update, the manufacturer of craft, and stationery products, revealed that it is expected to deliver a 40% year on year increase in reported revenue to approximately $435m.
Revenues at IG Design for the six months to 30 September 2020 was down 8.3%, reflecting the impact of the pandemic. The group said the second quarter showed a strong recovery.
IG Design has significantly reduced net-debt from $106.1m to $23.2m. The group commented: “This very strong performance reflects effective cash management across the Group during the first half of the year with the team remaining focused on all aspects of working capital including inventory which was lower than last year (proforma), and reduced receivable balances reflecting the focus on managing credit risk and collections.”
Looking ahead, IG Design said they remain cautious in relation to a full-year outlook. The Company expects to report its interim results at the end of November.