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International Greetings

  • BY: Andrew Hore |
  • POSTED: 21/05/2009 |

Gift wrap supplier International Greetings grew its full year sales by 10% and hopes to be close to break even.

Shares in International Greetings rose 7p to 31p each, which values the company at 15m.

There will be one-off costs relating to the restructuring of the UK business. This will push the business into loss.

International Greetings has renegotiated its debt facilities. Net debt of 69m at the end of March 2009 was slightly higher than one year ago but that was down to the movement in exchange rates. The company has a significant business in North America. The net debt fell by 12% on a like-for-like basis.

Trading conditions are likely to remain tough but International Greetings is in a stronger position than a year ago.

The full year figures will be published in late July.

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