News blog
International Greetings
- BY: Andrew Hore |
- POSTED: 03/04/2008 |
Gift wrap manufacturer International Greetings is rationalising its South Wales factories and stopping production in Latvia.
It expects to make a loss of £3m, before exceptionals and discontinued activities, in the year to March 2008. Production problems and the weak retail market combined to make 2007-08 a tough year for the company.
The shares rose 3p to 23.5p, which is still more than 90% below their level one year ago.
The permanent workforce will be cut in South Wales and products manufactured in Latvia will be produced at the company’s factory in China or outsourced.
The company says that its other core businesses are profitable and it expects the whole group to return to profit in 2008-09.
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