International Greetings
International Greetings (L:INGR) has delivered a good set of interims, notable particularly for the improving US performance and further progress in bringing down debt. The order book underpins expected growth for the remainder of the financial year and is on track for FY17. The group’s investment in its manufacturing facilities is delivering targeted production efficiencies and bolstering its positioning as a leader in compliant supply-chain. Following strong performance over the last few months, the share price is now reflecting the underlying improvements being made.
Licensed product icing on the cake
Production efficiencies are starting to come through into the numbers in the UK, building on the progress made in Europe, and the increasing element of automation in China. Group revenues for the first six months were ahead by 7% and progress would have been greater bar currency movements. Adjusted operating profits rose 19%, with part of the incremental growth reflecting phasing and mix. The US remains the key opportunity. The business there has regained momentum under its new leadership and the investment in the US operations has started with upgrading the conversion capability. In the UK, the licensed portfolio is having a particularly strong run up to Christmas, with Frozen continuing to be a good performer and with Minions, Coca-Cola and, of course, Star Wars, all well placed.
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