IG Design Group

IGR · AIM · Personal Care, Drug and Grocery Stores · mcap £84m · 98.6p

IG Design Group designs and makes celebration and gifting products such as wrapping paper, crackers, cards and party goods. After the 2025 disposal of DG Americas it sells mainly through its International division in the UK and Europe.

Target	Promise	Said	Status
2024
31 Mar 2024	FY2024 profits and margins in line with board expectations with good year-on-year growth.	28 Nov 2023	✓ Kept
	“Full year profits and margins expected to remain in line with the Board's expectations, with good growth year-on-year” Result April 2024 update and June results showed adjusted profit before tax of $25.9m versus $9.2m, ahead of expectations. “The Group expects to deliver adjusted profit before tax of $25.9m (FY23: $9.2m), which is ahead of market expectations.”30 Apr 2024 · Trading Update “Adjusted profit before tax is up 183% to $25.9 million (FY2023: $9.2 million).”25 Jun 2024 · Final Results
2025
31 Mar 2025	Return adjusted operating margin to at least 4.5% (pre-pandemic level) by end of FY2025.	25 Oct 2023	✗ Missed
	“we remain confident that we will restore, by 31 March 2025, the Group's adjusted operating profit margin to at least the 4.5%” Also stated 28 Nov 2023 · 30 Apr 2024 · 25 Jun 2024 · 26 Sep 2024 Result January 2025 warning put FY25 profit near break-even; FY25 adjusted operating profit was $5.2m on $729m revenue, well below 4.5%. “Whilst the Group was on track to deliver its strategic expectations of returning margins to above proforma pre-pandemic levels of at least 4.5% in FY25, this will now not be realised and our aspirations will have to be re-planned and re-set”17 Jan 2025 · Trading Update
31 Mar 2025	Deliver FY2025 sales of $825m at 5.0% adjusted operating margin.	28 Nov 2023	✗ Missed
	“Our FY2025 aspirations are sales of $825.0 million at a 5.0% adjusted operating margin” Result FY25 revenue was $729.3m and adjusted operating profit $5.2m, far below the aspiration. 29 Jul 2025 · Final Results
31 Mar 2025	Close in-house manufacturing in China during FY2025.	25 Jun 2024	… In progress
	“Announcing the closure of in-house manufacturing in China in FY2025” Result Not yet due.
31 Mar 2025	FY25 adjusted profit growth in excess of 20% year-on-year.	26 Sep 2024	✗ Missed
	“FY25 adjusted profit expected to deliver in excess of 20% year-on-year growth” Result January 2025 warning cut FY25 adjusted profit to around break-even; adjusted profit before tax was about $1m. “FY25 adjusted profit is now expected to be significantly impacted, with profit delivery for the full year around break-even, and well below last year”17 Jan 2025 · Trading Update “The Group expects to report an adjusted profit before tax of c$1 million, which is also in line with those expectations.”30 Apr 2025 · Trading Update
31 Mar 2025	Deliver a profit in the second half of FY2025 versus a loss in the prior year.	29 Oct 2024	✗ Missed · target changed
	“we expect to deliver a profit in that period, compared to a loss in that period last year” Also stated 26 Nov 2024 Result January 2025 warning cut full-year profit expectations to near break-even, with customer bankruptcy provisions of about $15m. “FY25 adjusted profit is now expected to be significantly impacted, with profit delivery for the full year around break-even, and well below last year”17 Jan 2025 · Trading Update
17 Jun 2025	Provide full-year results and revised FY26 guidance by 17 June 2025.	17 Jan 2025	◐ Partly kept
	“fuller reporting on 17 June 2025 (FY25) which will include revised management expectations for FY26” Result Results were delayed to 29 July 2025, when FY26 guidance was given. “IG Design Group plc, a leading designer, innovator and manufacturer across various celebration and creative categories announces its audited results for the year ended 31 March 2025.”29 Jul 2025 · Final Results
30 Jun 2025	Secure new three-year financing agreement by end of June 2025.	30 May 2025	◐ Partly kept
	“expected to conclude by the end of June” Result £40m three-year HSBC and NatWest facility announced on 14 July 2025, a couple of weeks late. “The Group has successfully negotiated a three-year refinancing with HSBC and NatWest for £40m which is structured as a Recourse Receivables Finance Facility.”14 Jul 2025 · New Debt Facility and Notice of Results
29 Jul 2025	Update on DG Americas strategic options before full-year results.	30 Apr 2025	✓ Kept
	“an update could be expected before the publication of the full year results of the Group” Result DG Americas was sold to Hilco Capital in May 2025, before results. “As announced on 30th April 2025, the Board was reviewing strategic options for DGA, and has now concluded the Disposal is in the best interests of the Group and shareholders.”30 May 2025 · Disposal of DG Americas “pursuant to a share purchase agreement dated 30 May 2025 (the "SPA") it has agreed to sell its entire interest in Design Group Americas, Inc., a wholly owned subsidiary and the top company of the DG Americas ("DGA") division, to HUK 168 Limited (the "Buyer"), a special purpose vehicle and part of the Hilco Capital group”30 May 2025 · Disposal of DG Americas
2026
31 Mar 2026	FY2026 revenue of $270-280m with 3-4% adjusted operating margin.	29 Jul 2025	✓ Kept
	“The Group is targeting revenue in FY2026 of $270-280 million, with an adjusted operating margin of 3-4%” Also stated 28 Oct 2025 · 2 Dec 2025 · 11 Feb 2026 Result Guidance raised in February; FY2026 revenue was about $292m at a 4.4% margin, ahead of expectations. “The Group expects to report FY2026 revenues of c$292 million and adjusted operating profit of c$12.8 million, representing an adjusted operating margin of 4.4%”30 Apr 2026 · Trading Update and Acquisition of Glenart, S.A.
31 Mar 2026	Maintain cash in excess of $40m in FY2026.	29 Jul 2025	✓ Kept
	“The Group expects to maintain cash in excess of $40m” Result Year-end net cash was about $72m. “Cash has significantly exceeded expectations with year-end net cash of c$72 million.”30 Apr 2026 · Trading Update and Acquisition of Glenart, S.A.
16 Jun 2026	Update on capital allocation policy in FY2026 full-year results.	30 Apr 2026	✓ Kept
	“an update on the future capital allocation policy will be provided in our full-year results” Result June 2026 results proposed a dividend and launched a buyback programme. “The purpose of the Share Buyback Programme is set out in the full year results of the Company, published today, is return surplus capital to shareholders and to assist in the deliverability of sustainable shareholder returns.”16 Jun 2026 · Share Buyback Programme
Today · 10 Oct 2026
2027
31 Mar 2027	Annual sales around $900m with adjusted operating margin over 6% by March 2027.	25 Jun 2024	✗ Missed · target changed
	“by 31 March 2027, the Group should have delivered three consecutive years of profitable sales growth, with targeted annual sales around $900 million by that time; whilst delivering an adjusted operating profit margin of over 6%” Result After the DG Americas sale, targets were replaced by $270-280m revenue at 3-4% margin for FY2026, then 4-5% margin beyond. “The Group is therefore targeting revenue in FY2026 of $270-280 million, with an adjusted operating margin of 3-4%. Beyond this, the Group is targeting low single digit revenue growth and an improvement in adjusted operating margin to 4-5%.”29 Jul 2025 · Final Results
31 Mar 2027	Beyond FY2026: 0-5% annual revenue growth, 4-5% adjusted operating margin and about £5m annual free cash.	29 Jul 2025	… In progress
	“expects to deliver 0-5% revenue growth, adjusted operating margins of 4-5% and c.£5m annual free cash generation” Also stated 11 Feb 2026 · 16 Jun 2026 Status so far Not yet due.