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.
| 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 | |||||
IG DESIGN GROUP: Sale of Hirwaun Warehousing Property
Published on 03/04/2018