4Imprint H1 profits grow despite 'challenging market conditions'

7th Aug 2024 08:45

(Sharecast News) - Promotional products marketing group 4imprint said on Wednesday that both revenue and profits had grown in the six months ended 29 June as the group took share in "challenging market conditions".

4imprint said interim revenues had grown 5% to $667.5m, while operating profits were up 10% at $69.9m and pre-tax profits rose 11% to $73.0m. Cash and bank deposits increased 63% to $121.5m.

As a result, 4imprint declared an interim dividend of 62.7p per share, up 23% year-on-year.

4imprint said demand remained steady despite challenging conditions, with orders growing from 1.04m to 1.08m in the half as it added 145,000 new customers and average order values increased 2%.

Chairman Paul Moody said: "Based on our first half financial results and recent internal forecasts, the Board expects that 2024 full-year group revenue will reflect a growth rate similar to the first half of the year. As a result of improving financial dynamics in the business, particularly higher gross profit percentage and the flexibility of the marketing mix, it is expected that profit before tax for the 2024 full year will remain within the current range of analysts' forecasts.

"The board is confident in the group's ability to manage through the current market conditions, blending resilient near-term financial results with attractive prospects for significant further organic growth over the medium term."

As of 0915 BST, 4imprint shares were down 3.91% at 5,400.0p.

Reporting by Iain Gilbert at Sharecast.com