H1 delivering double digit growth
Following its positive end-August trading statement, IG Design Group’s H1 update to end September confirms it has achieved double digit year-on-year growth in both revenue and operating profit. Cash generation has remained strong and year-end average leverage is expected to reduce to 1.1x from the prior year figure of 1.3x. With high levels of orders going into H2 and a strong pipeline of commercial initiatives, operational efficiency gains and acquisition opportunities underpinning future development, the group is on track both to deliver FY20E market expectations and to position it strongly for further growth in FY21E. Our forecasts are therefore unchanged ahead of the interim results.