Outlook: Grand designs
IG Design (formerly International Greetings) has delivered a strong set of results, with constant currency revenue growth of 4.4%. There are gains at both gross and operating margin level, while net debt has reduced by more than expected. The new branding emphasises that IGR is more than an efficient, commodity business and that its skillsets can be leveraged across adjacent categories. The US opportunity is by far the largest and the new local management team is making a strong start. The share price has started to grasp the changing proposition, but has yet to fully reflect it.International Greetings is engaged in the design, manufacture and distribution of greetings and related products; specifically gift wrapping paper, stationery, gift bags, crackers, greetings cards, photo frames, albums and other decorative accessories.
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