Outlook: The whole package
International Greetings (IGR) has delivered results a little ahead of market expectations despite the drags of currency translation and bad weather in the US in Q114. The investments made in manufacturing efficiency should now start to show in margins. Alongside reduced interest costs and a lower tax charge, this should drive earnings in spite of the lack of growth in underlying markets. The improved balance sheet gives IGR the flexibility to make further bolt-on acquisitions without compromising commitments on leverage. The rating, while improved, remains at a substantial discount.
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