Christmas cracker
CARDS and giftwrap maker International Greetings is confident UK consumers will get the firm out of the red with a Happy Christmas spend.
Yesterday, the company reported losses for the year of £3.1million, compared with profits of £17.7million last time.
Chief executive Nick Fisher said the cost of restructuring its UK Greetings division — including 210 job losses in South Wales and the closure of a factory in Latvia — had been reflected in the figures.
He believed the new streamlined manufacturing operation would meet customer demand better and lead a return to profit by next year.
Fisher said despite trading conditions the company had not been affected by the consumer slowdown, with orders for this Christmas up 5 per cent on last year.
He added: “We are a seasonal business and have healthy orders for Christmas essentials such as wrapping paper and crackers.
“Nothing is totally recession-proof but someone paying £1.50 for wrapping paper last year will pay the same this year to make Christmas work.”
The shares fell 2p to 31dp.