Designer and manufacturer of gift packaging and greetings products, International Greetings, which has its UK manufacturing headquarters in Ystrad Mynach, has reported an increase in profits of over 100 per cent throughout Continental Europe.
In its preliminary results for the year ending March 31 2014, the business puts the increase in profits down to the progress made since upgrading its gift wrap production facilities in Holland in 2012, with upgrades to its facilities in Wales, completed this year both on time and within budget, expected to lead to further growth across Europe.
The business, which is celebrating its 35th anniversary of being established in south Wales by Swedish Entrepreneur, Anders Hedlund, has seen a 4% rise in profits to £7.6million, up from £7.3million in 2013, although revenue was down slightly on the previous year from £225.2million to £224.5million.
Gross margin was up 0.1% and net debt was down 12.3% to £36.9million.
Her Majesty the Queen together with His Royal Highness Prince Phillip officially opened the new production facility in Wales earlier this year, which is part of a three-year growth plan the business has implemented.
Paul Fineman, CEO, International Greetings PLC, commented: “We are pleased to report a strong year in which all our operating regions traded profitably and delivered excellent cash generation. This was achieved whilst continuing to invest in the group’s infrastructure, to enable us to deliver enhanced future performance.
“In particular, the transformation of our UK-based gift wrap manufacturing operation in Wales marked the completion of the second phase of upgrading our global gift wrap production facilities. This strategic initiative began in Holland in 2012 and has underpinned our strong progress in continental Europe.
“Our recent acquisition of the trade and certain assets of Enper Gift Wrap, demonstrates our determination to identify new opportunities for profitable incremental growth.
“As we enter the second year of our new three year plan, we are on plan to deliver double digit cumulative average growth in earnings per share and are ahead of schedule to meet our commitment to reduce debt and leverage below two times debt/EBITDA.
“We look forward to the future with confidence.”
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