Investor Highlights

Progressive Equity Research

Investor Forum
16 April 2018


Our key points of focus drive the Group forward and keep us reaching for the high standards and targets we set ourselves.

Our areas of primary focus are:

► Improved earnings attributable to shareholders, which we aim to achieve through top‑line growth and mix management in selected markets and channels together with strong cost and gross margin management

► Seeking out value-creating areas of investment so that we can sustain double-digit growth in earnings for shareholders

► Maintaining at prudent levels our average leverage measured as the ratio of average net debt to pre‑exceptional EBITDA, which we aim to achieve through strong and increasing profitability together with close management of our working capital and focused investment




View IG Design Group plc (LON:IGR) half year results for the six months ended 30 September 2017.

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We are delighted to report another strong performance in the first half of 2017/18 placing us firmly on track to meet full year expectations.

Sales have grown significantly and are up 14% on the comparative period last year, with organic growth accounting for 10% of this. Profits before tax, exceptional items and LTIP charges are up 27% on H1 2016/17, benefiting from production efficiencies and product mix in all regions and also from synergies at Lang, our recently acquired business in the USA.

Our diversified portfolio continues to yield very pleasing results with particularly strong sales and profit performance in USA, Continental Europe and Australia alongside a stable outcome in the UK. We look forward to providing a further update in January 2018.



(a) Profit before tax stated after exceptional charge of £0.1 million (2016: £0.6 million credit) and LTIP charges of £0.9 million
(2016: £0.9 million) is £9.5 million (2016: £7.9 million).

(b) Fully diluted earnings per share stated after exceptional items of nil (2016: 1.0p credit) and LTIP charges of 1.0p (2016: 1.1p) is 9.9p (2016: 9.5p).


Operational highlights

Americas Highlights

• An excellent trading performance with sales up 18% to $91.3 million and underlying profit(a) up 45% to $7.1 million

• This includes organic growth of sales up 13% and profits up 27%

• The integration of The Lang Companies (Lang) acquired in July 2016 has progressed very well resulting in sales in the first half up 46% to $16.2 million and profit up 124% to $2.1 million

• The planned investment to upgrade our IT systems in the USA is proceeding on time and on budget and is due for installation during FY19


Australia Highlights

• Sales in local currency up 13% to AUD30.9 million with growth in underlying profit(a) of 17% to AUD2.0 million

• Growth mainly driven by the robust Independents channel

• The completion of the acquisition of Biscay Greetings Pty Limited is on track to take place in January 2018

Continental Europe Highlights

• Sales in local currency up 19% to €23.6 million with growth in underlying profit(a) of 26% to €2.0 million

• A second high speed, highly efficient, printing press is on track for delivery and on budget for installation early in 2018

• A strong order book is in place for the balance of the financial year

UK Highlights

• Sales up 4% at £57.5 million with underlying profit(a) remaining stable at £4.2 million, reflecting the initial impact of the integration of our three UK operating businesses

• Our UK business continues to work hand-in-hand with our manufacturing facility in China, which continues to efficiently supply record volumes of gift bags and greetings cards, as well as high volumes of crackers

• State-of-the-art manufacturing equipment producing retailer branded bags to be given to consumers is now fully operational, having been installed on time and on budget in our manufacturing facility in Wales

(a) Profit before tax, exceptional items and LTIP charges.



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