4th Mar 2020 09:39
(Alliance News) - IG Design Group PLC on Wednesday said the coronavirus outbreak has yet to have any real impact on operations.
IG Design makes gifts, stationary, and creative play products. It is headquartered in Eversholt, Bedfordshire.
The company has a factory in China but said it is currently "operating", with production volumes to increase over the coming weeks.
IG Design said following the seasonal trading period and the completion of its CSS Industries Inc acquisition, financial performance is set to meet expectations.
The CSS deal, worth GBP89.7 million, was announced in January and will see IG Design double the size of its US operations.
On Tuesday this week, IG Design confirmed it had raised USD120 million, receiving significant interest in the fundraise, which was to help fund the CSS deal.
Chief Executive Paul Fineman said: "In what has been a particularly challenging year, we are pleased with the progress the business has made, and that we remain on target to deliver performance in line with expectations. This is truly a testament to the hard work of all of our teams and the inherent agility that runs throughout our business.
"We are also delighted we have completed the CSS acquisition on schedule and can now commence the process of integrating the two businesses. We have already been working hard on integration planning and look forward to delivering on the significant opportunity ahead for the enlarged group."
Shares in IG Design were 0.3% higher on Wednesday morning in London at 748.00 pence each.
By George Collard; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Design Group