International Greetings Plc (IGR.L) provided trading update for the year ended March 31, 2012.
The company confirmed the progress reported in the first half of its financial year continued with annual sales in line with expectations at over 220 million pounds. International Greetings added that its focus on gross margins has continued to show benefits, with adjusted profit before exceptional items and tax towards the upper end of market expectations.
Besides, progress in reducing net debt has been satisfactory and at the year-end the company expects to report net debt of around 42 million pounds.
Paul Fineman, chief executive officer, said, "In challenging markets with continued inflationary pressures on costs, we continue to focus on providing exceptional value to customers, through great design, innovative solutions and excellent customer service that goes the extra mile. We look forward to building further success in the new financial year on the foundations we have created."
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