International Greetings has delivered strong growth in earnings, ended its financial year with net debt below previous estimates and returned to the dividend list a year ahead of earlier expectations. While underlying markets provide little stimulus, there remains plenty of scope for the group to grow its top line through increase in market share, particularly in the large US market, leveraging its highly efficient manufacturing production and strengths in global sourcing. The share price is now recognising some of the achievement to date, but not necessarily the ongoing opportunities.