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IG Design swings to profit amid contribution from CSS acquisition

By BFN News | 10:03 AM | Tuesday 15 June, 2021


IG Design reported swung to a profit in 2021 as revenue was boosted by the acquisition of CCS. For the year ended 31 March 2021, pre-tax profit was $14.7 million compared with a loss of $0.9 million year-on-year as revenue jumped 40% to $873.2 million. The CSS acquisition resulted in a strengthening of the company's relationship with its largest customer, Walmart, which now accounted for approximately 24%, up from 22%, of the group's revenue. Revenue up 40% year-on-year driven by a full year's trading of CSS since acquisition, with like-for-like revenues (excluding CSS) 5% down reflecting the impact of Covid-19 across the Group The company recommended a final dividend of 5.75 pence, taking the full year dividend to 8.75 pence in line with the prior year. Looking ahead, the company expects to deliver 'significant year-on-year growth in both revenues and earnings in the 2022 financial year, in line with current management expectations.' The company also announced new a growth plan targeting revenues beyond $1.5 billion, about 30% organic growth, and a doubling its adjusted EBITDA. Story provided by StockMarketWire.com

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