IG Design H1 reported revenues boosted by Americas and International units

Crafting and stationery products manufacturer IG Design said on Monday that reported revenues for the first half had grown year-on-year, driven by better-than-expected showing in its Americas and International units.

IG Design expects reported revenues for the six months ended 30 September to be roughly $435.0m, a 40% increase year-on-year, while group revenues were pegged to be 8.3% lower, reflecting the impact of Covid-19 - particularly in the first quarter, with the second quarter showing a strong recovery.

The AIM-listed group added that CSS revenues in the first half were "marginally down" on the prior year, however, second-quarter sales ended flat year-on-year.

IG also highlighted that it had delivered "a significant year-on-year reduction" in net debt to $23.2m, a marked reduction when compared to the $106.1m reported a year earlier.

Looking forward, IG stated it was continuing to monitor Covid-19 headlines and stated it would take all necessary actions to maximise trading opportunities in the second half.

"The board note that performance in the first half of the financial year is ahead of management expectations but it remains cautious in relation to the full-year outlook, particularly in the context of Covid-19," said IG.

As of 0850 BST, IG Design shares were up 9.38% at 455.0p.