4imprint Group - Strong trading recovery

4imprint’s FY21 results show a good recovery in orders and revenues, with momentum building over H221. Revenues and profits were as flagged in January’s trading update and were in line with our recent Outlook note. Our FY22 and FY23 forecasts are broadly unchanged, with FY22 revenues set to outstrip those of FY19 as the US economy rebuilds. A note of caution remains on the speed of margin recovery, reflecting lingering supply chain issues and inflationary cost pressures, but this is built into the numbers. 4imprint is a high-quality business in a large and growing market, underpinned by marketing expertise and a strong balance sheet.