IG Design Group PLC Trading Update (9166E)
04 Mars 2020 - 8:00AM
UK Regulatory
TIDMIGR
RNS Number : 9166E
IG Design Group PLC
04 March 2020
4 March 2020
IG Design Group PLC
(the "Company", the "Group" or "Design Group")
Trading Update
IG Design Group plc, one of the world's leading designers,
innovators and manufacturers of celebrations, gifting, stationery
and creative play products, is pleased to announce that following
its seasonal trading period and the successful completion of the
CSS acquisition, the Board anticipates the financial performance of
the enlarged Group will be in line with market expectations.
The Group is closely monitoring the developments regarding
COVID-19 and its potential impact on the business. With the current
known scale of the outbreak, it is not expected that there will be
a material impact to the Group's current forecasts. The Group's
factory in China is operating, with production volumes expected to
increase over the coming weeks. We continue to work with our
suppliers in China to ensure deliveries of our customers' orders
are managed through this period, including as necessary, mitigating
strategies such as alternative sourcing arrangements and using
existing inventory reserves.
Commenting on the performance, Paul Fineman, Group CEO,
said:
"In what has been a particularly challenging year, we are
pleased with the progress the business has made, and that we remain
on target to deliver performance in line with expectations. This is
truly a testament to the hard work of all of our teams and the
inherent agility that runs throughout our business.
We are also delighted that we have completed the CSS acquisition
on schedule and can now commence the process of integrating the two
businesses. We have already been working hard on integration
planning and look forward to delivering on the significant
opportunity ahead for the enlarged group."
This announcement contains inside information
- Ends -
For further information, please contact:
IG Design Group plc Tel: 0152 588 7310
Paul Fineman, Chief Executive
Giles Willits, Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Broker) Tel: 020 7523 8000
Bobbie Hilliam - NOMAD
Alex Aylen - Sales
Alma PR Tel: 020 3405 0205
Rebecca Sanders-Hewett designgroup@almapr.co.uk
Susie Hudson
Sam Modlin
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END
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