May 25th 2012 - Edison Investment Research today published a report on International Greetings (IGR.L, LSE:IGR, LON:IGR) entitled "Progress Confirmed". In summary, the report says:
International Greetings’ full year trading update indicates an outturn broadly in line with our forecasts. Particularly important is the strengthening in the balance sheet, where the year-end net debt has improved to £42m, representing less than 3x EBITDA. Markets remain highly competitive and the group’s operating focus is firmly on driving efficiency in manufacturing and sourcing. The rating primarily reflects the group’s historic issues and each confirmatory update should help rebuild credibility.
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