Update: Playing its cards right
International Greetings (IGR) is one year into a three-year plan to grow profits, pay down debt and drive up earnings per share and is, to date, on track. H115 results were broadly in line, despite currency headwinds on the top line, with earnings already starting to benefit from the capital investment programme, reduced interest costs and a lower tax charge. Our FY15 and FY16 numbers are unchanged. Although net debt at the half year was up, our year-end forecast remains £36m, which is tantalisingly close to the 2x leverage level indicated as a prerequisite to paying a dividend.
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