Updates

IG Design - 20% growth even without acquisitions

January 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

I met with chief executive Paul Fineman again following H1 results. These were as impressive as had been anticipated with sales up 21.5% to £145.5m (5.5% organic, 7.1% from Lang and 8.8% due to weaker sterling). Pretax profit was up 57% to £8.2m and eps were up 50% to 9.6p.More and more of the products are being designed in house and what is exciting now is that IG is able to launch these products globally and leverage economies of scale. That together with the inclusion of Lang, plus efficiencies, resulted in a 3% increase in the gross margin to 31.2%.Fineman notes that 75% of the business is now outside the UK. Latest H1 results show that IG Americas soared with sales up 41% to £77.1m including Lang (21% o ...

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