Gift maker IG Design celebrates bumper profit growth
The manufacturer has been focusing on non-Christmas sales.
Cards and gifts specialist IG Design group delivered soaring profits last year as it increased its focus on Easter and Valentine’s Day.
The business, which manufactures gifts, stationery and greetings cards, grew its profit by 51% to £19.7 million in the year to March 31 2018, up from £13 million in the previous year.
Sales rose from £311 million to £327.5 million, a rise of 5%.
The group has been building its revenues by increasing the percentage of its sales made on events outside Christmas, with these holidays and festivities now accounting for almost half of the company’s total revenues.
“The increasing retail focus on celebrating Valentine’s, Easter and other non Christmas occasions provides an exciting growth opportunity for all the business units across the group,” the company said.
IG Design chief executive Paul Fineman said the group would continue to grow organically, but that it was considering M&A opportunities, after its successful acquisition of Biscay, an Australian card and paper business.
The group said it had weathered the storm of rising costs in the retail market, and that it continues to foresee sales growth from “brick and mortar” retailers in the UK.
The company said: “This growth opportunity is underpinned by the excellent performance of our gift wrap and paper bag manufacturing operation in Wales, and card, bag and cracker production facility in Huizhou, China.”