The company, one of the leading designers and manufacturers of private label greetings products and licensed stationery, announced the improvements in its preliminary results for the year ending 31 March 2003.

With the improvement in its financial position, joint chief executive Nick Fisher said the company was also in a strong position to continue with its growth strategy of selective acquisitions.

We are well prepared for the future, and our financial strength means we can acquire businesses if we see an attractive opportunity, he said.

Pre-tax profits rose 22% to 11.1m for the year, whilst turnover was 113.7m, a rise of 3%.
It said the improvement in its UK gift-wrap business was due to a result of changes instigated in 2001.

These included developments to its planning and reporting systems, resulting in significant improvements in its productivity and efficiency levels.

International Greetings has also signed licensing agreements for The Hulk, Harry Potter and Shrek 2 films for Spring 2004.

Story by Andy Scott