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(Sharecast News) - Gift wrap and greetings cards manufacturer IG Design Group said on Tuesday that both revenue and profits had fallen in the six months ended 30 September.
IG Design said interim revenues had dropped from $444.1m to $393.1m, while adjusted pre-tax profits fell from $38.2m to $14.7m. Diluted earnings per share slumped to USD 11.2cents on an adjusted basis, more than halving from the prior year's USD 25.0c figure.
Looking forward, IG Design stated it remains on track to return to adjusted operating profit margins to proforma pre-pandemic levels of at least 4.5% in FY25 but noted that "challenging market conditions and retail trends" experienced in the period were expected to continue in H2.
Chairman Stewart Gilliland said: "The challenging macroeconomic backdrop has undoubtably impacted the confidence of retailers, but we are focused on navigating this landscape by prioritising the essentials of improved delivery, increased collaboration and price competitiveness, to a strong customer base with who we have longstanding relationships.
"Whilst the economic landscape remains uncertain, we continue to strengthen our business model to better withstand market challenges and this, coupled with our strong customer relationships and the commitment of our team, continue to fill me with confidence that we will deliver profit growth."
As of 1120 GMT, IG Design shares had slumped 12.47% to 109.41p.
Reporting by Iain Gilbert at Sharecast.com
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