4imprint Group - Further progress in Q323

4imprint’s Q323 trading update indicated further good growth, albeit moderating against comparatives getting tougher as the year progresses. Full year revenue guidance is maintained at ‘slightly above’ $1.3bn, with continuing high returns on marketing spend prompting a $5m uplift in PBT guidance to ‘not less than $130m’. 4imprint’s underlying markets reflect US corporate economic health, with any downside mitigated by the prospect of carrying on building market share as less well-funded firms struggle. Already the largest North American distributor of promotional products, 4imprint’s market share in H123 was just 5.9%, giving plenty to go for. The long-term growth record, strong cash generation and robust balance sheet underpin the rating.