International Greetings blames currency headwinds for sales fall

 
Kasmira Jefford
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The Queen visited International Greetings in April to see how Xmas crackers were made
INTERNATIONAL Greetings yester­day blamed volatile foreign ex­change movements for a decline in half-year sales.

The company, which makes greetings cards and gift packaging, said sales fell 1.5 per cent to £111.9m in the six months to 30 September due to a £2m hit from currency headwinds.

However, sales were slightly up when excluding currency movements, thanks to growth in Europe and the US.

The group said it had enjoyed an “excellent Christmas cracker manufacturing season” in China, producing 74m crackers for this year’s festive season.

Its gift packaging ranges of Frozen from Disney have also proved to be a hit with shoppers, boosting its licensed products arm.

Pre-tax profits in the period were up 7.1 per cent to £4m, with all regions recording a profit.