International Greetings reported an increased loss in the year to March 2009 but the underlying business returned to profit.
Shares in International Greetings recovered 6.75p to 31.75p each, which values the gift wrap company at £12.1m.
An operating loss of £4.8m was turned into a profit of £4m in the year to March 2009. After interest charges International Greetings is still making a small loss. Revenues rose by 13% to £217m. Exceptional costs increased from £3.3m to £22.4m.
The core UK business has been restructured and the company is trying to reduce its dependence on Christmas.
Net debt increased from £64.8m to £68.5m by the end of March 2009. The banks continue to support the company.
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