IG Design Group plc (IGR.L) reported that its profit attributable to owners of the parent company for the six months ended 30 September 2024 dropped to $3.97 million or 4.1 cents per share from the prior year's $23.91 million or 24.4 cents per share, hurt primarily by reduced revenue coupled with ongoing material cost headwinds.
Profit before tax was $5.7 million compared to $34.1 million in the prior year.
Adjusted earnings per share was 11.2 cents compared to 25.0 cents in the prior year.
Revenue for the period declined 11% to $393.1 million from last year's $444.1 million hurt by ongoing economic challenges, subdued consumer sentiment, and careful management of credit risk exposure. Revenue at constant currency was down 12%.
The Board is not recommending an interim dividend for the period ended 30 September 2024, compared to no dividend paid last year.
The company said it remains on track to return adjusted operating profit margins to proforma pre-pandemic levels of at least 4.5% in fiscal year 2025.
Business simplification, efficiency, and cost-saving initiatives are expected to drive profit recovery in the second-half, with the company anticipating a profit in that period, compared to a loss in the same period last year.
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