IG Design YTD revenues surge amid ongoing pandemic
By Iain Gilbert
Date: Monday 25 Jan 2021
(Sharecast News) - Gift card manufacturer IG Design said on Monday that trading in the nine months ended 31 December had resulted in a marked increase in revenues.
IG Design delivered a 35% year-on-year increase in reported revenues to approximately $737.0m, reflecting good growth in the Americas as a result of its acquisition of CSS and a better than expected performance in Europe.
However, group revenues excluding CSS were down 9.2% year-on-year, principally due to the impact of Covid-19.
IG Design also said it continued to deliver a year-on-year reduction in net debt, which as at 31 December 2020 stood at $26.3m, a marked reduction when compared to the $69.1m reported at the same time in the prior year.
"The group continues to note the effect of Covid-19 and in particular, the impact of the current lockdowns around the world. Whilst demand for the group's product offering remains robust, the ongoing restrictions, together with associated macro-economic challenges, create ongoing uncertainty," said IG.
"For this reason, whilst the board notes that performance in the nine months to 31 December 2020 has been stronger than expected, the full-year outlook remains in line with current market expectations."
As of 1030 GMT, IG Design shares were up 4.58% at 548.0p.
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