IG Design plc

Our view

IG Design is an industry leading operator in gift wrap, cards, crackers, bags, stationery and creative play and gifting. It is differentiated by its concept of end-to-end design which takes a whole-process engineering approach from building customer relationships, through sourcing and manufacturing to delivery. In a low margin/high volume core business it achieves dominance through paying meticulous attention to customer requirements, making considered investment in manufacturing capacity and achieving incremental cost reduction gains which in aggregate protect margins in the face of cost pressures. It is focused and entrepreneurial in its search for new revenue streams in adjacent product categories.

Financials

Year end March
Profit & Loss
March 2015
A
£m
March 2016
A
£m
March 2017
A
£m
March 2018
E
£m
March 2019
E
£m
Revenue £m 229.0 237.0 311.0 327.8 343.3
Adj EBITDA £m 16.9 17.4 22.9 27.0 32.2
Adj EBIT £m 11.9 13.5 17.5 21.7 25.8
Reported PBT 7.3 9.9 13.0 19.6 22.4
PBT before exceptionals and AAG
Fully adj PBT 9.2 10.8 16.3 20.2 23.8
NOPAT £m 6.8 8.3 12.4 14.9 17.6
Reported EPS 9.1 11.9 15.0 20.6 21.1
EPS before exceptionals and AAG
Fully adj EPS 11.5 13.1 18.2 21.5 23.6
Dividend per share p 1.0 2.5 4.5 5.5 6.5
 
Cash flow & Balance sheet
Operating cash flow 17.9 20.7 31.5 23.5 28.7
Free Cash flow £m 8.9 13.7 19.1 3.4 10.2
FCF per share p 14.5 22.3 31.1 5.6 16.6
Capex
Acquisitions -1.5 0.0 -2.7 -7.3 0.0
Net cash flow 7.6 11.9 20.5 -0.4 5.0
Shares issued 0.0 0.1 5.1 0.0 0.0
Net cash -29.4 -17.5 3.0 2.5 7.6
 
Metrics March 2015
A
March 2016
A
March 2017
A
March 2018
E
March 2019
E
Revenue growth 0.0 3.5% 31.2% 5.4% 4.7%
Adj EBITDA growth 0.0 3.3% 31.4% 18.2% 19.0%
Adj EBIT growth 0.0 13.8% 29.4% 24.1% 18.5%
Adj PBT growth 0.0 17.6% 51.2% 23.9% 17.8%
Adj EPS growth 24.9% 13.8% 39.3% 17.9% 10.0%
Dividend growth 0.0 150.0% 80.0% 22.2% 18.2%
Adj EBIT margins 5.0% 5.7% 5.6% 6.6% 7.5%
Operating cash conversion
Capex/Depreciation

Recent Analysis

IG DESIGN GROUP: It’s a Wrap!

Published on 17/01/2018

IG Design: Better by Design

Published on 28/11/2017