IN BRIEF: IG Design swings to annual loss as revenue down
20th Jun 2023 09:50
IG Design Group PLC - Newport Pagnell, England-based designer and manufacturer of celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partywares - Posts revenue of USD890.3 million for the year ended on March 31, down from USD965.1 million the year before. Says the decrease in revenue is due to adverse foreign currency movements, "lower second-half volumes in DG Americas and the strategic decision to continue to exit from unprofitable contracts in the US". Swings to a pretax loss of USD18.9 million from a profit of USD2.2 million. Says this is impacted by a non-cash, one-off write-down of the historic goodwill in the UK business of USD9.1 million. Read More