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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