4Imprint starts year strongly, announces CFO retirement

22nd May 2024 08:36

(Sharecast News) - Promotional products specialist 4imprint Group reported a strong operational and financial performance for the early part of 2024 on Wednesday, while also announcing the retirement of its chief financial officer.

The FTSE 250 company, which was holding its annual general meeting, said it recorded 6% revenue growth in the first four months of 2024 compared to the same period in 2023.

Chairman Paul Moody said the increase was driven by a 4% rise in order intake and a 2% increase in average order values.

Despite challenging market conditions, the group was outperforming the overall promotional products industry, leading to further market share gains.

"Gross margins have remained strong, and the reshaped marketing mix has demonstrated the efficiency and flexibility that we expected," Moody said.

"As a result of these factors, the board expects a financial performance for the year within the current range of analysts' forecasts.

"The board remains confident in the group's ability to blend good near-term financial results with attractive prospects for significant further organic growth over the medium term."

4imprint said it would announce its half-year results for the 26 weeks ending 29 June on 7 August.

In a separate announcement, 4imprint disclosed that chief financial officer David Seekings planned to retire from his role and from the board before the end of 2025.

"David has served 4imprint Group plc loyally since joining in 1996," said chief executive officer Kevin Lyons-Tarr.

"Over the years he has played an important role in shaping many different aspects of the development of the company, in particular driving the growth of the direct marketing business.

"I see every day how much he cares about the company and all of its stakeholders, so it comes as no surprise to me that he is allowing ample time and making a full commitment to a successful transition."

The company said a comprehensive recruitment process for his successor would be launched, with Seekings to actively participate in the process to ensure a smooth transition.

"In due course I will have plenty of time to reflect on my 27 year career with the company and the amazing people that I have had the privilege to work with along the way," David Seekings commented.

"Right now, however, I remain completely focused on the business and doing all I can to ensure a smooth succession and to help 4imprint to continue its success for many years to come."

At 0826 BST, shares in 4imprint Group were down 2.56% at 6,031.69p.

Reporting by Josh White for Sharecast.com.