Secondary Recommendation

International Greetings

September 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Results for the year to 31 March came in a touch ahead of expectations with pretax profit up 47% to Â£5.2m on revenues ahead 9% at Â£217m (organic 6%). Adjusted earnings per share were 8.9p including a tax credit. Net debt at the year end was down 9% to Â£44.4m. Despite continuing efforts to shift ancient stock at a discounted price and having to combat the effect of higher raw material costs and wages in China, IGR managed to increase its gross margin to 17.4% . With old stock now reduced and also loss making areas of the business eliminated, the future looks brighter than for some time.IGR continues to refocus its business towards the discounters and also 'everyday' product lines, which now represent 47% ...

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IG Design - To exceed market forecasts (April 2017)

IG Design - 20% growth even without acquisitions (January 2017)

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International Greetings (May 2016)

International Greetings - "Everything but the cake" (January 2016)

International Greetings (May 2015)

International Greetings - Growth resumes (August 2014)

International Greetings (January 2012)

International Greetings (December 2011)

International Greetings (June 2011)

International Greetings - Earnings forecast to double this year (February 2011)

International Greetings - Prospective PE of 6 for year starting 1 April (January 2011)

International Greetings - Sales of every day cards rise (November 2010)

International Greetings - Refocuses on budget end of the greeting products market (August 2010)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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