Interim Results - Pre-tax Profit Up 18%

International Greetings PLC
26 January 2000


                 Pre-tax profits up 18%
                 Good Christmas trading
              Encouraging outlook for 2000

International  Greetings  PLC  today  announced   interim
results for the six months ended 30 September 1999.

International  Greetings is one of  the  world's  leading
manufacturers  of gift wrapping paper, gift  accessories,
greeting  cards  and  crackers and is  the  UK's  leading
supplier  of  private label greetings products  to  major
multiples including Woolworths, Tesco and Boots.  It also
manufactures character stationery products for a range of
children's  characters under licence from Disney,  Mattel
and Hasbro.

Highlights for the period included:

* Turnover up 22%, at £33.2 million (1998: £27.2
  million)
* Pre-tax profit up 18% at £2.4 million (1998: £2.1
  million)
* EPS up 17% at 4.1p (1998: 3.5p)
* Strong performance in US
* Interim dividend up 10% at 1.1p (1998: 1.0p)
* Encouraging orders for Christmas 2000
* Confident in outlook for full year to 31 March 2000

Commenting on today's results, the Chairman, John Elfed
Jones said:

'I  am  delighted to report that your Company  has  again
performed  extremely  well  in  the  six  months  to   30
September  1999.  Total turnover was up  22%  at  £33.2m,
with   Copywrite  (our  character  stationery   business)
accounting  for  £6.7m  of  this  total.   Profit  before
taxation  was  up 18% at £2.4m, with earnings  per  share
increasing by 17%.

'Our  US  division  performed particularly  well.    With
volumes and margins up, it is now reaping the rewards  of
investment and management effort in recent years.  The US
market  was buoyant in 1999 and we expect this  trend  to
continue throughout 2000.

'We are pleased with the progress made at Copywrite where
we  are  in  the  final  stages  of  our  rationalisation
programme.  Following a detailed review of costs, we have
decided   to   close  Copywrite's  Manchester  production
facility   with  effect  from  March  2000.    Production
previously carried out in Manchester will now be  sourced
primarily  from outside suppliers, with other operational
activities  transferring to Copywrite's  head  office  in
Duxford, Cambridgeshire.

'The refinancing of our new property in Hatfield referred
to   in  last  year's  Annual  Report  and  Accounts  was
completed through a sale and leaseback of the property in
November  1999.   This  has  resulted  in  a  significant
reduction  of debt, and will have a beneficial effect  on
both  year end gearing and interest charge.  The gain  on
the  disposal of this property and the closure  costs  of
Copywrite's   Manchester  facility  will  be   separately
disclosed  as  exceptional items in the results  for  the
full  year to 31 March 2000, and the net effect of  these
items is not expected to be material.

'On  11  January this year, we completed the purchase  of
the  trade  and  certain  assets  of  Pepperpot,  a  gift
stationery   business,  for  a  cash   consideration   of
£375,000.   In  the  nine months to  30  September  1999,
Pepperpot's turnover was £1.2m, of which over 50% was  in
the US.  Its distribution network and customer base there
are  complementary to our own, and this small acquisition
will  significantly extend our overall range offering  in
that market.

'The  late Christmas sales trend experienced by customers
in   recent  years  was  once  again  apparent  in  1999.
However, I am pleased to report that the majority of  our
customers  achieved sales of our products  in  line  with
their  expectations, and as a result, we look forward  to
the  results  for  the full year to 31  March  2000  with
confidence.    Orders received so far for  the  Christmas
2000 period have also been encouraging.  Reflecting this,
your Board has declared an increased interim dividend  up
10% to 1.1p net per share.  The dividend will be paid  on
3  March 2000 to all shareholders on the register  on  11
February 2000.'


For further information, please contact:

International  Greetings PLC              01707 630 630
Nick Fisher, Joint Chief Executive Officer
Mark Collini, Finance Director

Grandfield                                0171 417 4170
Michael Henman/Clare Abbot


Group Profit & Loss Account
Six months ended 30th September 1999

                        Unaudited     Unaudited       Audited
                      6 months to   6 months to    year ended
                     30 September  30 September      31 March
                             1999          1998          1999
                             £000          £000          £000

Turnover                   33,163        27,219        72,151

Operating profit            3,084         2,836         9,416
Interest payable             (645)         (768)       (1,581)

Profit before taxation      2,439         2,068         7,835
Taxation                     (766)         (658)       (2,414)

Profit after taxation       1,673         1,410         5,421
Dividend                     (447)         (405)       (1,372)

Retained profit             1,226         1,005         4,049
Earnings per share            4.1p          3.5p*        13.5p*
Diluted earnings per share    4.1p          3.5p*        13.3p*
Dividend per ordinary share   1.1p          1.0p*         3.3p*

Note:

1    The  figures  for the year ended 31 March  1999  are
     extracted from the statutory financial statements for
     that year, which have been reported on by the auditors
     without qualification, and without any statement under
     Section 237 (2) or (3) of the Companies Act 1985, and
     have been delivered to the Registrar of Companies.

2    The  calculation of earnings per share is  based  on
     40,630,091 (6 months to September 1998: 39,932,085*, 12
     months to 31 March 1999: 40,255,335*) ordinary shares
     being the average number of shares in issue during the
     period.  The calculation of diluted earnings per share is
     based  on 41,043,759 (6 months to 30 September 1998:
     40,863,690*, 12 months to 31 March 1999 40,872,465*)
     ordinary shares calculated in accordance with FRS 14.

3    The  taxation charge for the six months  ended  30th
     September 1999 is based on the estimated tax rate for the
     full year.

*    Figure  adjusted  to reflect bonus  issue  made  in
     September 1999.