Card firm posts rise in profits

The official supplier of Christmas crackers to the Queen today reported a jump in full-year profits driven by a surge in greeting cards sales in the UK.

International Greetings, which sells Christmas crackers, cards and stationery, saw underlying pre-tax profits increase 37 per cent to £7.1 million in the year to 31 March.

The Hatfield-based company, which was formed in 1979 and now sells in 20 countries, said it benefited from a 70 per cent surge in single greeting cards sales in the UK.

The UK division, combined with its Asian markets, make up 53 per cent of group revenue, which increased 2 per cent to £220.8m in the period.

The strong results come after the demise of Clinton Cards, which recently fell into administration, leading to the closure of about half of its stores.

Administrators at Zolfo Cooper today said they would close a further 17 Birthdays and Clinton Card stores before the weekend.