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IG Design warned on profit as expectations for rising costs and lower sales to continue in the final quarter of the year weighed on performance.
The company said it now expected its full year FY22 adjusted operating profit to reduce to a breakeven position, resulting in full year earnings 'significantly below current market expectations,' the company said.
The dire guidance was attributed to the weaker year to date performance, together with the expectation of the continuation of the cost headwinds and lower craft sales in the final quarter.
Looking ahead, these external challenges were expected to continue into FY23 bringing heightened uncertainty and it 'therefore remains too early to give firm guidance on FY23 financial performance,' the company said.
For the nine-month period to 31 December 2021 revenue grew 12% to $828 million on like-for-like basis year-on-year.