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International Greetings has the whole package

A profit upgrade from International Greetings has sparked a 16 per cent surge in the share price.
April 21, 2015

Shares in giftwrap maker International Greetings (IGR) soared 16 per cent on the back of a huge profit upgrade and news that the company is returning to the dividend list one year ahead of schedule.

IC TIP: Hold at 96p

The company's debt pile has fallen faster than expected, while investment in its manufacturing facility in Wales has "hit the ground running", according to chief executive Paul Fineman. What's more, the Dutch gift wrap business acquired last year has yielded better than expected cost savings. The good operational performance, combined with strong sales growth, means EPS will be "significantly" above market expectations.

"For me it is the beginning of the next phase after several years of rebuilding and making steady progress," says Mr Fineman. "There are still plenty of opportunities to continue to grow and momentum is healthy."