International Greetings (AIM:IGR): one of AIM’s former high flyers is looking healthier
The designer and manufacturer of gift packaging & greetings, stationery and creative play products (with a 50% UK mkt share you might have used their wrapping paper) issued a decent trading update for the year ended 31st March 2012.
IGR used to be one of AIM’s larger companies with a market cap of over £240m, however, those days are long past. The latest trading update reported that annual sales are in line with expectations at over £220m. with adjusted profit before exceptional items and tax towards the upper end of market expectations. Year-end net debt is forecast to be approximately £42m (2011 £44.4m) bringing net debt/EBITDA below 3x (2011: 3.5x). The relocation of the factory in China completed during the period cost more than anticipated so look out for some chunky exceptional costs. House broker estimates for the full…