IG Design ends year ahead of market expectations

(Sharecast News) - IG Design Group reported full-year revenue, profit margin and cash ahead of market expectations on Tuesday, despite a challenging trading environment, as the disposal of DG Americas left the business more focused and cash generative. The AIM-traded celebration and creative products maker said continuing revenue fell 3% to £217.9m in the year ended 31 March, reflecting tariffs, pricing pressure and softer UK demand.

Adjusted operating profit declined to £9.6m from £16.0m, while reported pre-tax profit fell to £6.3m from £9.0m and year-end net cash stood at £54.6m.

IG Design proposed reinstating its dividend with a 1.0p final payout and said it would launch a share buyback of up to 10% of issued share capital.

Interim executive chair Stewart Gilliland said the group had delivered "a strong performance in the year, exceeding expectations despite a challenging trading environment", adding that it was entering the next phase with a stronger balance sheet, a more focused operating model and renewed leadership.

At 1158 BST, shares in IG Design Group were down 3.52% at 84.9p.

Reporting by Josh White for Sharecast.com.

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