Gift-wrap firm is celebrating cracking sales
GIFTWRAP, cracker and cards designer International Greetings said yesterday its value-for-money products had helped it defy the downturn to post sparkling half-year figures.
Sales of goods priced £1 to £2 at discount shops and supermarkets in 20 nations had helped profits soar 50 per cent to
£3.2million on sales up 6 per cent to £110.3million.
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UK profit rose 18 per cent on sales 2 per cent higher. The US and Australia also did well. Its shares rose 2½p to 64p.
Chief executive Paul Fineman said: “People still celebrate birthdays, Valentine Days and Christmas even in tough economic conditions. The cost of the present you give may change but you always have to get them gift-wrapped. We offer customers true value for money.”
UK profit rose 18 per cent on sales 2 per cent higher
Its Peppa Pig and Disney wrapping papers were proving to be particularly popular.
Fineman expects trading conditions, such as rising raw material prices and Chinese labour costs, to remain challenging but cost-cutting and new markets including South America and eastern Europe left it “optimistic”.
