IGR’s pre-close update confirms that trading is as expected in the run up to the key Christmas sell-through period. With a ‘solid’ order book and good progress in new and key accounts in the US, momentum is well established to drive the top line, despite dull underlying markets. Further investment in manufacturing efficiency is delivering the anticipated returns and gives a clear differentiator for retailers concerned with supply-chain compliance. The share price is recognising some of the achievement to date, but not necessarily the ongoing opportunities.