IG Design upgrades guidance after strong Christmas
Source - SMW
IG Design Group has upgraded its guidance following strong trading up to and throughout the Christmas period.
The group said it expects to deliver record revenues in FY18 with the continued expansion of its global footprint outside the UK.
It said: 'All regions are on track to achieve year on year revenue and profit growth and we are therefore pleased to upgrade the group's full year performance with diluted earnings per share expected to be ahead of current market expectations and delivering strong year-on-year growth.
'We continue to see strong cash conversion across the group and expect average leverage for FY18 to follow the progress made in recent years and be significantly below an average of two times.'
It said that as a result of the level of the group's US earnings the board expected earnings per share to benefit in FY19 and beyond from the recent US tax legislation changes.
Chief executive Paul Fineman said: 'We are very encouraged with the performance of our businesses across all regions.
'It is particularly pleasing that we have again upgraded our expectations and we remain confident in the Group's ability to report another year of excellent progress.
'We are very well placed to continue to create sustainable value for our shareholders through organic growth and will also continue to seek compelling acquisition opportunities underpinned by an ever-strengthening balance sheet and a long track record of proven performance.'
At 8:19am: (LON:IGR) IG Design share price was +18p at 399.5p