Shares in International Greetings (IGR) jumped 6 per cent as the maker of gift wrap and Christmas crackers announced that full-year trading had been "in line with expectations" and, more notably, that it had cut its debt pile by more than the market was forecasting.
Chief executive Paul Fineman added that the company's big investment in its manufacturing facilities had come in on time and on budget and would make operations much more efficient. Additionally, International Greetings' diverse revenue streams and geographic spread came into its own, as excellent growth in the European business helped to offset extreme winter weather in the US, which created "unprecedented challenges in an otherwise pleasing trading environment". Current trading is positive, too, with a bursting order book, demonstrating that management's push to strengthen and re-establish close relationships with customers is yielding good results.
