4imprint Group - Strong order intake and upgrades

Ahead of 4imprint’s interim results, scheduled for 9 August, the company has issued a half-year trading update indicating performance running well ahead of market expectations for the full year. This is in terms of volumes, gross margin, profitability and cash. The May AGM statement had also been very positive, but there was greater uncertainty at that time whether the buoyant conditions would persist and we held our forecasts. We have now lifted our revenue and earnings estimates for FY23 and FY24 and adjusted for the pension buy-in, announced in July. 4imprint is clearly outperforming its market and has plenty of scope to continue to build (profitable) share.