- IG Design Group hiked its dividend despite reporting pre-tax profits fell 12%, in line with market guidance, as the acquisition of Impact Innovation and restructuring in the US ramped up costs.

For the year ended 31 March 2019, reported profit before tax decreased 12% to £17.3m, while revenue grew 37% to £448.4m.

The fall in reported profits was blamed on exceptional costs of £8.4m, primarily related to the acquisition of Impact Innovation.

Adjusted pre-tax profit, which excluded the exceptional costs, was up 39% to £30.3m.

The company proposed a final dividend a share increased by 50% to 6.00p , taking the total dividend for the year to 8.50p per share up 42% on last year.

'We have generated sales of more than 750 million units of consumer products across over 50,000 individually designed items. This tremendous level of innovation, together with our ability to manage and leverage considerable scale, has resulted in our business meeting ambitious targets and achieving record revenues, profit, cash generation and EPS,' said Paul Fineman, CEO.

'Having successfully concluded, in August 2018, the acquisition of Impact in the USA, I am particularly pleased that we have 'hit the ground running' in terms of delivering on our plans for operational and commercial synergies that were identified at the time of the acquisition; an excellent example of collaboration and team work amongst our new and enlarged team in the US.'

At 8:25am: [LON:IGR] IG Design share price was -4p at 600p

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