4imprint Group - Buoyant orders support further upgrade

Today’s update from 4imprint shows that the positive trading environment experienced in the first half has continued through Q3. Management has (again) lifted guidance for the full year. It now indicates revenue of around $1.1bn, generating PBT of not less than $90m, and we have raised our forecasts accordingly, with uplifts also to FY23 and FY24 estimates. With the inherent strong cash generation and $79m of cash balances as at end October, we view it as increasingly likely that a special dividend may be declared for FY22 alongside regular payments.