4imprint Group - COVID-19 update

4imprint has updated the market for the current impact of COVID-19 on its business, which has changed markedly in the last few days. When we reported on the FY19 results on 3 March, order intake was up 13% y-o-y. Since 10 March, the disruption to the US economy has started to take hold and order levels have dropped significantly. The extent and duration of this phase is uncertain, and we have therefore withdrawn our forecasts for now. The group has a high degree of control over its variable costs in marketing spend and an exceptionally strong balance sheet, with cash of $51m at the end of February and no debt.