4imprint Group - Robust demand recovery

4imprint’s interim results show a strong pick-up in demand from both existing and new customers. Management’s decisions taken early in the onset of the pandemic to retain its staff base and maintain a market presence through advertising have put the group in a strong position to capitalise on the rebound in the US economy. A return to paying dividends is a clear indication of confidence and we have increased our revenue forecasts for FY21 and FY22 by 11% in both years. The step-up in projections at an earnings level are lower, given the higher US tax charges. 4imprint’s balance sheet remains strong, with end-June net cash of $53m.