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IVE Group Ltd share price climbs 3% on deal with Pacific Magazines

The IVE Group Ltd (ASX: IGL) share price has been amongst the best performers on the market today.

In afternoon trade the printing company’s shares are up 3% to $2.27.

Why have its shares climbed higher?

This morning IVE Group announced that it has entered into a four-year agreement for the production of the entire stable of Pacific Magazines regular mastheads.

According to the release, the majority of titles will transition to IVE Group from mid-October, with the remaining two mastheads (New Idea and Better Homes & Garden) transitioning in January 2018.

Shareholders will no doubt be hopeful that this provides the company with a boost to its earnings and of course its generous dividend.

At present IVE Group’s shares provide investors with a trailing fully franked 6.6% dividend.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.