Gift wrap company suffers £7.8m losses
International Greetings racked up losses of £7.8m after the gift wrap and cracker firm carried out a major restructuring.
Not a merry Christmas: Greetings International has suffered losses of almost £8m
The group took one-off costs of £1.6m after it made 116 staff redundant as part of an ongoing overhaul of its operations in the United Kingdom.
An increase in finance costs also widened the deficit in the six months to September 30, which followed profits of £2.4m a year earlier.
Chairman Keith James added: 'It has been well publicised that a number of retailers have either closed or are in difficulty.
'The board has taken steps to protect our position and to reduce the group's exposure to these customers.'
Operating profits before one-off items fell to £600,000 from £4.1m a year earlier.
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