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Card Manufacturing unit shares dive as income fall

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AFP

Shares in Card Manufacturing unit have dived 10% after greater prices reduce into the retailer’s half-year income.

The FTSE 250 agency reported a 14% drop in income to £23.2m, blaming forex strikes, greater wage prices and funding within the enterprise for the autumn.

The weaker pound has affected the retailer, as about half the products it buys are priced in .

Card Manufacturing unit added that its full-year revenue would replicate the “headwinds” felt within the first half of the yr.

Sarah Johns, retail analyst at GlobalData, stated the greetings card retailer wanted to concentrate on its on-line enterprise.

“The retailer is correct to proceed its aggressive enlargement; nonetheless, with excessive avenue footfall declining and on-line the quickest rising channel within the UK greetings card market over the subsequent 5 years, Card Manufacturing unit should spend money on its multichannel supply,” she stated.

“The retailer continued to develop gross sales by way of on-line throughout the interval, however has some method to go in turning into a longtime participant within the on-line personalisation card class, with Moonpig.com and WH Smith-owned funkypigeon.com key threats.”

On the broader market, the FTSE 100 was down 10.2 factors at 7,291 factors. Promoting big WPP and software program agency Sage Group had been the 2 largest fallers on the index.

The pound rose zero.1% towards the greenback to $1.3479 and was zero.four% greater towards the euro at 1.1408 euros.

Oil costs had been holding new two-year highs, with Brent crude up 1% at $59.03 a barrel, having touched $59.49 earlier.

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