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IG DESIGN GROUP PLC INTERIM REPORT 2018

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The Group has delivered excellent results for the first half of the year, with continued sales and profit growth across all regions driving a significant increase in earnings per share. We are particularly delighted with the performance of the Group’s recent acquisition, Impact Innovations Inc. (“Impact”), and the contribution it has already made to the Group. The integration of Impact with our existing US business is well underway and we are on track to deliver the expected synergies on time or sooner.

Paul FinemanChief Executive Officer



During the first six months of the year, revenue increased by 23% to £205.2 million with underlying profit before tax increasing by 76% to £18.5 million (H1 2018: £10.5 million). The most significant factor driving the year-on-year profit improvement was the increase in the Group’s underlying operating margin to 9.3% (H1 2018: 6.7%). This was driven in part by the timing of the Impact acquisition during its peak trading period and the strength of the Group’s business model, including the broad and diverse nature of our customer base, product categories and brands supported by our focus on efficiency, product mix and innovation.

Giles WillitsChief Financial Officer



FINANCIAL HIGHLIGHTS

FOR THE SIX MONTHS TO 30 SEPTEMBER 2018

(a) Underlying profit before tax is stated before exceptional items and LTIP charges. Profit before tax stated after exceptional items of £3.0 million (H1 2018: £0.1 million) and LTIP charges of £1.5 million (H1 2018: £0.9 million) is £14.0 million (H1 2018: £9.5 million).

(b) Fully diluted earnings per share is stated before exceptional items and LTIP charges. Fully diluted earnings per share stated after exceptional items of 3.6p (H1 2018: nil) and LTIP charges of 1.9p (H1 2018: 1.0p) is 14.0p (H1 2018: 9.9p).

KEY FACTS

FROM INTERIM REPORT 2018

Profit before tax, exceptional items and LTIP charges up 76% to £18.5 million
Non-UK revenues by customer destination are 80% of Group revenues
During the twelve month period to 30 September 2018, average leverage (being the twelve month average net debt divided by the last twelve months EBITDA) was 1.3 times compared to 1.9 times for the prior year period
Impact Innovations Inc. acquired for £56.5 million plus a working capital adjustment
Commenced manufacturing of bags ‘not-for-resale’ in Wales, September 2017
Upgrading of IT systems in the USA, providing enhanced future efficiencies, proceeding on time and on budget

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